Copper: $7 is the normalisation level, the tariff decides what comes after

Research question

The demand case for copper is doing its job and non-US stocks are falling. Does Washington confirm the refined copper tariff and lock the US stockpile in place, or does it let 1.6 Mt back into the market just as price reaches $7?

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GRAYINVESTED provides research and consulting. Nothing in this memo constitutes investment advice or an offer to buy or sell any security.