LME库存迅速下降，铜可能面临历史性逼空？

Group 1 - The core viewpoint of the articles highlights a significant supply shortage in the copper market, leading to a record high spot premium over futures prices, indicating a severe squeeze in the market [1][2] - The spot copper premium reached $280 per ton, the highest level since the record surge in 2021, reflecting a drastic change from six months ago when short-term contracts were trading at a discount [1] - The London Metal Exchange (LME) has seen its available copper inventory drop by approximately 80% this year, now equivalent to less than a day's global usage, primarily due to a rush to ship copper to the U.S. to avoid potential import tariffs [1] Group 2 - Despite a recent slowdown in copper demand, inventory continues to tighten due to tariff impacts, leading to a competitive rush to transport copper to the U.S., causing supply shortages in other regions [2] - The LME has implemented measures to prevent individual traders from holding excessive short-term positions that could lead to spot premiums, but these measures have shown limited effectiveness in the copper market [2] - Recent trading data indicates that the copper market is experiencing deeper pressures, with significant price movements not solely influenced by any single large trader, suggesting a broader market dynamic at play [2]