The Hidden Copper Hoard in U.S. Sheds Is Rewiring LME Trade

The copper market outlook hinges on U.S. tariffs, with the CME to LME arbitrage pricing in less than the 15% refined copper tariff on the table. Natalie Scott-Gray, StoneX Senior Metals Analyst EMEA and Asia, hosts Giles Plumb, Head of Base Metal Trading, Philip Meijer, Options Sales Trade, Michael Price, Senior Base Metal Sales, and Michael Cuoco, Head of Fund Sales, Metals and Bulks, on why copper is breaking away from the base metals complex. Record options volumes and U.S. critical mineral status are drawing new money into copper, while AI data centers add demand through power, cooling and grid build out. A strong dollar weighs on aluminum and zinc as producers hedge out to late 2027. 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 - LME Week Opens on a Split 02:30 - Strong Dollar Drags on Metals 03:59 - Record Bets Pile Into Copper 06:18 - Copper Becomes a Hard Asset 07:59 - Copper Rides AI Grid Strain 10:11 - U.S. Tariffs Split CME and LME 17:07 - China Fills the Aluminum Gap 21:29 - Risks the Market Is Missing Like and subscribe for more financial market insights. #Copper #StoneX #NatalieScottGray #Aluminum --------- Like this video? Subscribe and turn on notifications so you don't miss any videos from StoneX: https://www.youtube.com/@stonex_official Visit https://www.stonex.com/en/insights/thought-leadership/?utm_source=youtube&utm_medium=social for insights, perspectives and thought leadership from StoneX's global network of experts. Visit our website: https://www.stonex.com?utm_source=youtube&utm_medium=social