Premium builds
Premium unwinds
premium building
Section 232 tariff premium inflates then unwinds the COMEX-LME spread and US-drawn copper stock
Section 232 probe
refined-copper tariff
White House
non-decision
COMEX · US
LME
SHFE
ex-US
LME base
COMEX
tariff premium
premium unwinds
price falls on non-decision
arbitrage draw
premium unwind, not a demand break
ex-US physical stocks stayed tight