The proportion exceeds 70%! A large amount of LME copper inventory has accumulated in US warehouses, with tariff expectations dominating the flow.

The London Metal Exchange (LME) released inventory data on Thursday, revealing an extreme divergence in the regional distribution of current LME copper stocks, with over 70% of LME copper inventories stored in U.S. warehouses. The core driving force behind this is the market's advance anticipation that the United States may impose import tariffs on refined copper.