Bloomberg is out this week talking about the “once-in-a-generation trade” in the copper market:
The Aug. 1 deadline for Trump’s 50% copper tariffs signals the endgame for the most profitable trade that industry veterans say they have ever seen…
And the traders were only getting started. Trump’s probe fired the starting gun on a massive movement of metal that has redrawn the global market, as surging US prices made it hugely profitable to ship copper into the country — at least until the tariffs arrive. Some traders describe deals yielding more than $1,000 on every ton of copper, an unprecedented sum in an industry where a good trade rarely nets $100…