06/09/2026
U.S. is running out of storage for huge stockpiles of copper. Warehouses are busting at the seams due to the high premiums available at the Chicago Mercantile Exchange (CME) ahead of potential new tariffs.
Since the tariff threat first emerged in early 2025, the price arbitrage for refined copper has resulted in a 5x increase into CME warehouses.
The looming question is whether the hedge works out or if the stockpile is a trap. Another delay or flip-flop is making traders uncomfortable.