和关税抢时间！交易商开始将铜运到夏威夷

Core Viewpoint - Following Trump's threat to impose a 50% tariff on copper, traders are adjusting shipping routes to expedite deliveries before the tariff takes effect on August 1, 2025 [1][2]. Group 1: Shipping Route Adjustments - Copper traders are re-planning shipping routes to shorten delivery times, with shipments to Hawaii taking approximately ten days compared to over a month to New Orleans [2]. - At least one trader has already completed a shipment to Hawaii, and Puerto Rico is also seen as an attractive option for South American producers due to its status within the U.S. tariff zone [2]. Group 2: Market Premium Surge - Following the tariff announcement, the premium of New York futures prices over international benchmark prices surged to about 25%, with arbitrage spreads continuing to rise [3]. - Major financial institutions like Goldman Sachs and JPMorgan expect the arbitrage spread to widen further, potentially reaching 50% [3]. - Buyers are willing to pay significant premiums for copper, with some paying nearly $400 per ton above the London Metal Exchange prices to secure last-minute supplies [3]. Group 3: Uncertainties Surrounding Tariff Implementation - Despite the announcement of the 50% tariff, there are uncertainties regarding which types of copper will be affected, and previous tariffs on steel and aluminum provided exemptions for goods already in transit [5]. - The current price gap between New York and London copper prices is significantly lower than 50%, indicating market uncertainty about the widespread implementation of the tariff [5].