A tale of two stockpilesLondon Metal Exchange stocks have dropped 28% over the same period that COMEX warehouses have been filling up. US buyers have been stockpiling ahead of potential tariffs on refined copper imports, creating a dynamic where American importers are pulling metal westward while Chinese buyers scramble to secure what’s left everywhere else. COMEX copper has been trading near $6.55 per pound, with LME hovering around $13,850 per tonne. What to watch from hereThe trajectory of US tariff policy on refined copper will be the single most important variable in determining whether this geographic redistribution becomes permanent or reverses. When the Yangshan premium hits $103 per tonne, it signals that Chinese importers are absorbing significant additional costs to secure physical metal.