The price difference of copper on the London Metal Exchange has widened again, with intensified arbitrage worsening the tightness of copper supply.

Recently, the price and inventory divergence between COMEX and LME copper has continued to widen. On August 5, the price difference between U.S. copper and London copper temporarily reached $621.81/ton, driven by the market's ongoing expectation of tariffs on U.S. refined copper. This widening price gap has opened a cross-market arbitrage window, prompting a continuous flow of global copper resources into the U.S. market. Due to significant uncertainties regarding whether the tariffs will be implemented, the extent of the charges, and the timing, this round of cross-border copper circulation is still ongoing. Industry insiders interviewed stated that the tight supply-demand situation for copper mines has not changed, and the fundamentals, combined with macro factors, will continue to provide strong support for copper prices.