Bloomberg: Traders are shipping copper simultaneously to both the US and China, as the market is tightening fast.

US hoarding ahead of a tariff decision has accelerated to its fastest pace in at least 12 years, while COMEX futures hit a record on Wednesday.

LME copper futures pushed past $14,000/ton this week, a level breached only a handful of days in 2026.

With both economies pulling from the same pool of metal, exchange inventories keep shrinking, and traders now see prices testing new record levels.

As a result, copper for immediate delivery now costs more than copper for delivery in three months, a sign that physical supply is tight today.