Copper Surges Above $14,500 as Supply Squeeze Deepens

Copper futures in London reached a record high on Tuesday as expectations of US tariffs drew record volumes from the seaborne market into US warehouses, tightening availability elsewhere despite subdued demand.

As we highlighted on Monday, deteriorating conditions across global mining operations are adding to supply woes. Benchmark three-month futures on the LME gained nearly 1% to reach $14,533 a ton, exceeding January's peak before trimming some of those gains. Dr. Copper is breaking out...