Copper hits record high; macro factors to decide upside

This move is less about copper fundamentals alone and more about the market pricing in macro-driven supply distortions. The record highs signal that physical tightness is real, but the tariff-driven stockpile shifts add a layer of geopolitical premium that could unwind quickly if policy signals change. The key question is whether the Fed's easing path and US trade actions align to sustain this momentum, or if a policy surprise triggers a sharp correction. For market participants, the focus shifts to how these macro levers interact with already-strained supply chains.