Tariff Chaos As Massive Copper Trade Suffers Record Implosion

President Trump went ahead with 50% tariffs on copper imports, but exempted refined metals that are the mainstay of international trading, which sparked an implosion of the popular, and massive, CME-LME basis trade.

The move triggered a record plunge for US prices, after a period of fat profits for traders who hurried metal to America before the levies kicked in. As a result the record premium for New York futures over London evaporated, and is now trading negative.

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