According to CoinMeta, the supply tension in the copper market has intensified, with a key indicator measuring short-term supply shortages on the London Metal Exchange surging significantly, causing copper prices to experience another bout of volatility. The price of contracts expiring in one day was 75 dollars per ton higher than those expiring the following day, representing the largest premium since January when the benchmark copper price hit a record high. At that time, the premium once reached 100 dollars per ton. As signs of supply shortages become more apparent and copper prices soar, commodity traders are closely monitoring the trend. A large part of this supply shortage is due to traders transferring hundreds of thousands of tons of copper to the United States before the Trump administration made decisions regarding import tariffs. On Tuesday, the "LME/LME price differential" (the price difference for rolling positions over by one day) widened significantly, indicating that short sellers are under pressure before the August contract expires on Wednesday. On Monday, spot copper prices briefly exceeded futures prices by 545 dollars per ton.