Copper Hit a Record and Warehouses Are Nearly Empty

Copper Section 232 tariffs remain unresolved while London Metal Exchange copper set a record high, with inventories historically low. Natalie Scott-Gray, StoneX Senior Metals Analyst EMEA & Asia, breaks down the base metals week, covering copper and zinc backwardation, U.S. trade escalation with Canada, and the aluminum premium split. She works through why July Chinese economic data missed expectations and what that means for base metals demand, how the new U.S. sanctions program targeting Iranian oil could reach Chinese financial institutions, and why U.S. and Canada tariff escalation hits Rotterdam and U.S. Midwest aluminum premiums rather than global supply. Discover Actionable Metals Insights with StoneX Market Intelligence: https://shop.stonex.com/products/stonex-essential-bundle?utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_natalie_scott_gray&utm_content=share 00:00 - Metals Fundamentals Take Over 00:46 - Copper Records, China Drags 01:45 - Canada Trade Talks Break Down 02:56 - Iran Sanctions Reach Further 03:51 - Aluminum Premiums Split Apart 04:29 - The Copper Ruling No One Hears Like and subscribe for more financial market insights. #Copper #StoneX #NatalieScottGray #LME *CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Capital at risk.