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Group 1 - The announcement of a potential 50% copper tariff by President Trump has led to a surge in copper prices, with New York copper prices reaching a historical high of $5.8955 per pound before closing at $5.6855, reflecting a premium of approximately 25% over the LME benchmark [1][2] - Traders are rushing to ship copper to the U.S. before the tariff takes effect, with Comex copper futures rising by 17% in a single day, marking the largest daily increase on record [1][2] - The anticipated tariff could significantly increase costs across various sectors that rely on copper, including consumer electronics, automotive, residential construction, and data centers [1][2] Group 2 - Copper is essential in multiple industries such as electricity, construction, industrial machinery, transportation, and communication, making it a critical component of global economic activity [2] - The demand for copper is expected to rise sharply due to the expansion of industrial production and infrastructure development, particularly driven by trends in artificial intelligence and energy transition [2] - Recent trends indicate a significant mismatch in copper supply and demand, with record amounts of copper being shipped to the U.S. to avoid potential tariffs, leading to increased domestic copper inventories while other regions face supply shortages [2][6] Group 3 - As traders prepare for the tariff, there has been a notable increase in inventory levels, although recent shipments to the U.S. have decreased [5][6] - It is estimated that U.S. copper inventories could reach 500,000 tons in the coming weeks, with a significant portion stored in key commodity storage centers [6] - Traders are facing a race against time to deliver copper before the tariff takes effect, with some buyers willing to pay a premium of nearly $400 per ton over LME prices to secure shipments [6][7] Group 4 - The uncertainty surrounding the specifics of the tariff, including which types of copper will be affected, adds to the complexity for traders [7][8] - The price gap between New York and London copper prices is currently lower than 50%, indicating market skepticism about the comprehensive applicability of the proposed tariff [8]