LME copper closes up $199 at $14,708/t

This broad advance across base metals, with copper leading, suggests a risk-on session rather than a metal-specific story. The notable outliers are the sharp declines in tin and cobalt, which may reflect idiosyncratic supply or demand shifts worth monitoring. For market participants, the key question is whether this strength is driven by macro sentiment, such as dollar weakness or China demand hopes, or by physical tightness. If it's macro, the move could unwind quickly; if it's fundamental, the breadth should persist. Watch next for volume and inventory data to confirm the direction.