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Core Insights - The surge in copper orders at the London Metal Exchange (LME) warehouses, combined with concerns over potential tariffs from the U.S., has led to copper prices reaching historical highs [1][4] - The LME copper price increased by 2.6%, surpassing $11,400 per ton, and mining stocks, particularly Antofagasta Plc, saw significant gains [1][4] - The copper market is experiencing tight supply due to increased shipments to the U.S. and a series of mine shutdowns globally, despite weak demand [2][6] Group 1: Price Movements - Copper prices have risen over 30% this year, with U.S. copper futures showing even higher gains as investors anticipate tariffs on raw copper products [1][7] - The price dynamics have prompted traders to increase copper shipments to U.S. ports, leading to record premiums for copper supplied to European and Asian customers [5][6] Group 2: Market Dynamics - The potential for severe global copper supply tightening in Q1 of next year has been warned by major metal trading firms, predicting that copper prices may break into unknown territory [6] - Ongoing negotiations between Chinese smelters and miners for 2026 supply are complicated, with miners currently holding the upper hand in discussions [6]