Commodity giant Trafigura ordered the withdrawal of over 51,000 metric tons of copper from London Metal Exchange (LME) warehouses. The company initiated the transaction on May 22, 2026. The metal is valued at more than $700 million. This movement marks the largest single-day copper outflow from the LME in over a decade.
A lucrative cross-market arbitrage opportunity drove the strategic supply drain. COMEX copper prices in New York currently trade at a premium over LME prices. Traders are positioning physical copper in the U.S. ahead of a federal tariff decision expected in late June 2026.
Front-month COMEX copper futures rose 1.36% on Friday. The contract settled at $6.3420 per pound. The metal finished the week with a total gain of 1.45%.