Group 1 - The global copper market is experiencing significant disruptions due to the threat of potential tariffs from the U.S., leading to a substantial shortage of spot copper supply in Europe and pushing spot copper premiums to historic highs [1][2] - As of the end of April, the spot copper premium for deliveries to Germany reached a record level of $250 per ton compared to the London Metal Exchange (LME) benchmark price, while premiums for shipments to ports in Italy and the Netherlands also surged to $180 per ton [2] - The price divergence between LME copper, currently around $9,400 per ton, and the Comex copper price in the U.S., which has a significant gap of approximately $700 per ton, has created arbitrage opportunities for traders [3] Group 2 - In response to the tight supply and high prices of spot copper, buyers are increasingly considering the copper scrap market, with the discount of bare bright copper scrap relative to LME copper prices narrowing significantly [4] - The price of bare bright copper scrap in Europe has risen from 97.5%-98.5% of LME copper prices at the beginning of the year to 98%-99% currently, indicating a heightened demand for copper units [4] - Analysts note that if scrap copper prices align with or exceed LME copper prices, it signals an extreme urgency in market demand for copper [4]