Trafigura, Mercuria, Glencore and IXM could reap bumper profits of more than $300mn after shipping record amounts of copper into the US ahead of tariffs on the metal.
The commodity traders are at the forefront of a trend in which huge quantities of copper are being brought to the US, where a widening price gap with the international benchmark has created a lucrative arbitrage opportunity.
US copper prices surged 13 per cent within minutes of President Donald Trump’s announcement on Tuesday that the US would levy 50 per cent tariffs on copper, twice the expected level, from August 1.
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