Core Viewpoint - The premium of COMEX copper over London copper has decreased to $17 per ton, influenced by Trump's latest tariff policy which excludes refined copper from tariffs [1] Group 1 - COMEX copper is currently trading at a premium of $17 per ton compared to London copper [1] - Trump's recent tariff policy has specifically excluded refined copper from the list of products subject to tariffs [1]

Group 1: Market Overview - LME three-month copper price fell by $12.50 or 0.13%, closing at $9,621.50 per ton on June 4 [1][2] - LME copper inventory decreased by 2,500 tons or 1.74%, reaching a near one-year low of 141,350 tons [4] Group 2: Trade Developments - President Trump announced an increase in tariffs on imported steel and aluminum from 25% to 50%, effective June 4, 2025 [3] - The U.S. Trade Representative's office sent a letter to trade partners reminding them of the upcoming deadline for trade negotiations [3] Group 3: Price Dynamics - COMEX copper price rose by 1.21% to $4.8925 per pound, with a premium over LME copper of $1,164.6 per ton [7] - LME tin led the gains among base metals, rising by $640 or 2.04%, closing at $32,018 per ton due to supply concerns [8]