BREAKING: Copper prices on the LME have surged to a record $14,533 per ton, now up +47% over the last 12 months. The surge comes amid a supply shortage with rising demand from data centers, renewable energy, and power grids. Furthermore, expectations that President Trump will expand tariffs to refined copper imports have pushed US Comex prices above global prices. This is encouraging traders to ship hundreds of thousands of tons of copper to the US this year to profit from the price difference. Now, global stockpiles are increasingly concentrated in the US, draining LME inventories to critically low levels and leaving less copper readily available to buyers elsewhere. Copper's supply crunch is accelerating.(The Kobeissi Letter)