LME copper settled at $13,819/mt on June 2 — within 1.1% of the all-time nominal high. COMEX traded at $6.66/lb, a $857/mt premium over LME. Exchange inventories have drawn 27% since December 2025. The market is pricing a structural deficit that most analyst models still do not reflect. This report covers price structure, supply-demand balance, inventory positioning, tariff risk, and forward contracting strategy.
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