According to CoinMeta, the price of copper has exceeded $14,000 per ton for the first time since June 3, mainly due to the tightening of US import restrictions and the increasing copper inventories. According to shipping data from IHS Markit, over 200,000 tons of copper arrived at US ports in July this year, setting a new monthly record and leading to a backlog of copper inventories in US warehouses and ports, resulting in a tight supply for global buyers. Despite the uncertainties surrounding the refined copper tariff plan, the inflow of copper into the US continues to accelerate. The US Department of Commerce was originally scheduled to issue recommendations by June 30, but no decision has been announced yet. The price of copper in the US is still higher than that of LME, and there is still profit potential in cross-market arbitrage trading.