Copper cash premium over LME three-month jumps to two-month high

The return of a wide backwardation is the detail that matters: it points to physical tightness in nearby metal rather than just paper-driven sentiment, even as record copper prices have leaned heavily on anticipated U.S. tariff expectations. That split — spot scarcity versus policy-driven forward pricing — affects fabricators, traders rolling hedges, and anyone exposed to the LME cash-to-three-month spread. Whether this backwardation persists past the August-style squeeze dynamics, or fades as tariff expectations shift, is the open question worth watching.