President Trump’s surprise 50% tariff on copper semi-finished products, with an exemption for refined metal, caused chaos in global markets, collapsing Comex copper prices by over 22% in the largest intraday plunge on record. Millions of tons of copper are now stranded in U.S. warehouses, reversing commodity flows and erasing once-lucrative arbitrage opportunities. While some see potential benefits for U.S. supply security and manufacturing, others warn of long-lasting market dislocation and reputational risks. Analysts predict that Comex prices will align with LME levels in the near future, but uncertainty remains high amid ongoing policy shifts and market volatility.

Read more at Quiver Quantitative: The Unraveling of History’s Most Profitable Copper Play