Core Insights - President Trump has decided to exclude refined copper (such as cathode and anode copper) from the 50% tariff list, only imposing tariffs on semi-finished products like copper tubes and wires, as well as copper-intensive manufactured goods [1] - This decision has led to a significant increase in LME copper inventory, which surged by 14,350 tons to reach 141,850 tons, marking the highest level since March [1] - There is a competition for storage space in LME warehouses, as copper inventories that were previously piled up at U.S. ports are now seeking new storage locations [1]