Markets spent months pricing in possible duties to Comex prices, building a significant premium over their LME counterparts. Refined Copper Still Vulnerable to TariffsPrior to 2025, Comex prices held an average $18/mt premium over LME prices. Since Comex prices found their bottom at the start of August, that premium has averaged in at $130/mt. While refined copper tariffs are off, copper products remain impacted by 50% duties. Funds Retreat After Tariff ChaosDespite long-term tariff recommendations and making the USGS critical minerals list, markets don’t seem to be biting outside of the modest-but-stable Comex premium.