Overview
- LME prices spiked as much as 6.6% at the open before paring gains to about 2% higher by midmorning in London.
- New York Comex futures fell roughly 2% as regional imbalances persisted after a prior rally while London was shut.
- Traders have redirected refined copper to U.S. warehouses ahead of a possible tariff decision next year, draining stocks elsewhere.
- The rally follows unplanned mine outages and strain on smelters that have heightened concerns about near‑term supply.
- Some analysts flag downside risk as signs of weaker Chinese fabrication demand emerge, including production cuts at certain plants.