COMEX Copper Futures Jump Over 4% as LME Copper Falls Nearly 3%

This divergence is a tariff-uncertainty trade, not a demand story: COMEX, the US delivery point, prices in the risk of a future import levy, while LME, the global benchmark, reflects the physical market without that premium. The split matters most for traders holding positions across both venues, for US fabricators weighing domestic versus imported metal, and for anyone using COMEX as a hedging reference. The open question is whether the White House clarifies its refined-copper stance, and whether the spread keeps widening or unwinds once that uncertainty resolves.