A Tale of Two Copper Markets

The threat of U.S. tariffs has created a tale of two copper markets, with CME prices trading at a premium to the LME and drawing metal into American warehouses as traders position for what comes next. Benchmark Mineral Intelligence copper analyst Albert Mackenzie joins Ed Coyne to explain how this arbitrage has tightened supply outside the U.S., elevated prices and set the stage for greater volatility once tariff policy becomes clear. They also examine copper’s powerful long-term demand narrative, the limits of recycling, slow mine development and why miners and M&A may offer investors a more practical route to exposure.

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