Raising Aluminium and steel tariffs has driven Aluminium’s midwest premium to nearly instantly rise by nearly 25% of the LME3m benchmark price, TDS’ Senior Commodity Strategist Daniel Ghali notes.
Copper tariff uncertainty keeps Comex-LME spread tame
“Interestingly, Copper markets remain dislocated, but the comex-LME spread only rose by a fraction of that seen in Aluminium’s MWP, suggesting traders are still pricing in some uncertainty with respect to timing and scale of any eventual tariffs on Copper.”
“Still, the resulting strength in comex Copper may pull LME Copper prices higher in the imminent term, as CTAs are forced to resume purchases with up to +20% of algos’ max size likely to be bought.”