Copper spot prices on the London Metal Exchange climbed to an intraday record of $14,912 per ton on the 17th, highlighting an intense squeeze in the physical market. The spot contract traded far above the LME three-month futures benchmark, with backwardation (spot prices above futures) widening to $543.50 per ton at one point, the largest gap since the 2021 supply squeeze. LME copper futures also rose as much as 1.7% to $14,396 per ton, nearing the all-time high of $14,527.50, and extending the metal's rally to a seventh straight week. The move coincided with a prolonged drawdown in exchange stocks, with LME copper inventories falling for 42 consecutive business days through the end of last week, the longest run of declines since 2014. Market participants linked the surge in spot prices to supply concerns outside the United States: U.S. inventories have built because of tariff-related import flows, while physical demand elsewhere has remained firm, tightening the balance for immediately available metal. Copper's strength stood out against smaller moves in other base metals and reinforced its role as a barometer for industrial activity, even as higher prices risk raising costs for downstream manufacturers and potentially curbing demand.