According to @KobeissiLetter, London copper prices hit a record $11,620 per ton on Friday, up over 30% year-to-date, driven by aggressive US stockpiling ahead of potential import tariffs next year. According to @KobeissiLetter, inventories on global exchanges have surged to 656,000 tons, the highest since 2018, with roughly 60% now held in US COMEX warehouses. According to @KobeissiLetter, the copper market is expected to shift into a structural deficit next year, suggesting continued upside pressure on prices.