BREAKING: Copper prices in New York hit a record 11,600 per ton on Wednesday. Prices have risen ~28% over the last 3 months driven by rising tariff uncertainty. At the same time, copper prices in London have increased 15% and hit ~10,000 per ton, the highest since June. As a result, prices in New York are now ~1,600 higher than in London, the largest difference on record. This has created an arbitrage opportunity where traders buy cheaper international cargoes and ship them to the US before tariffs are imposed. However, they risk significant losses if their copper cargoes arrive after tariffs are implemented. Truly unprecedented times.