From October 20-22 by the Huangpu River in Shanghai, the 2026 Sustainable Global Leaders Conference returns once again. Nobel Prize and Turing Award winners will take the stage to discuss the future and trends of technology, and the internet-famous professor who "rescues" people from anxiety and the era of involution—Macfarlane—will hold a live dialogue with Xiang Biao!
Limited spots available, first come first served. Let us journey together toward sustainability! [Click to register] Since U.S. President Donald Trump returned to the White House, the market has worried that the United States will impose tariffs on copper, triggering a massive shift in global inventory patterns and sending copper prices soaring. But as Trump's second presidential term approaches its halfway point, many bulls are beginning to worry that if the tariffs ultimately fail to materialize, copper prices could plummet.
Until just a few weeks ago, New York copper futures prices had consistently been higher than the London Metal Exchange (LME) copper contract—the global benchmark price—allowing traders to earn unprecedented profits by rushing copper to the United States before tariffs took effect. The continued flow of copper into the United States sharply reduced inventories elsewhere, which in turn pushed the LME copper price to a record high of nearly $15,000 per ton last month.
However, as the U.S. midterm elections approach, investors across various markets are pondering whether a strong Democratic showing could disrupt Trump's trade agenda, or instead prompt him to double down on his tariff strategy. For copper bulls, if Trump ultimately proves unwilling or unable to push forward with copper tariffs, the consequences could be severe. Analysts at Natixis have warned that the tariff bet has created a bubble in one of the world's most important industrial commodity markets, and that bubble could burst quickly if the tariff possibility is ruled out. Macquarie Group has stated that in such a scenario, copper prices could fall toward $10,000 per ton, but if tariffs are merely announced later than expected—allowing traders to ship even more copper to the United States—prices could also rise to $18,000. Currently, the LME copper price is around $14,430 per ton. "I have never seen a situation like this, where the price direction ultimately depends on one person's decision," said Alice Fox, a commodities strategist at Macquarie, in an interview.
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