A Tale of Two Copper Markets

The threat of U.S. tariffs has created a tale of two copper markets, with CME prices trading at a premium to the LME and drawing metal into American warehouses as traders position for what comes next. Benchmark Mineral Intelligence copper analyst Albert Mackenzie joins Ed Coyne to explain how this arbitrage has tightened supply outside the U.S., elevated prices and set the stage for greater volatility once tariff policy becomes clear. They also examine copper’s powerful long-term demand narrative, the limits of recycling, slow mine development and why miners and M&A may offer investors a more practical route to exposure.This podcast is provided for information purposes only from sources believed to be reliable. However, Sprott does not warrant its completeness or accuracy. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument.Any opinions and recommendations herein do not take into account individual client circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments, or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein.This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of Sprott. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitute your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of Sprott.