5万吨铜被一口气提走！Mercuria提前抢货应对美国关税风险

Core Viewpoint - Mercuria Energy Group Ltd. is rapidly accumulating copper in response to potential global supply shortages triggered by U.S. tariffs, leading to a significant increase in copper prices to a historical high of $11,500 per ton [1] Group 1: Market Dynamics - The global copper trade has been significantly disrupted this year due to President Trump's announcement of tariffs on copper, resulting in record increases in U.S. copper imports as traders exploit arbitrage opportunities [1] - Following the temporary suspension of tariffs on copper, traders have accelerated shipments to the U.S. in anticipation of future tariff implementations, further driving up demand [1][2] Group 2: Supply Concerns - Kostas Bintas, head of Mercuria's metal business, predicts that copper prices will break historical levels in the coming weeks, warning of severe shortages for buyers outside the U.S. in Q1 of next year [2] - Competitors IXM and Gunvor have also raised concerns about supply gaps due to disruptions in multiple mines, indicating that manufacturers may need to pay higher prices for copper [2] Group 3: Inventory and Pricing Trends - LME copper stocks are primarily sourced from China and Russia, which are not deliverable against NYMEX contracts, prompting traders to withdraw copper from LME to ensure more deliverable metal flows to the U.S. [2] - Despite high copper inventories at U.S. ports and exchanges, the ongoing premium pricing in NY copper futures and unresolved tariff threats suggest that these stocks are unlikely to return to the global market in the short term [2] - A report from Goldman Sachs indicates that copper flows to the U.S. are expected to restart more rapidly than previously anticipated in the first half of 2026, driven by LME withdrawals [2] Group 4: Market Sentiment - The ongoing rush by global traders to transport copper to the U.S. and the continuous reduction of exchange inventories are creating upward momentum in copper prices, suggesting the potential onset of a long-awaited supercycle in the market [3]