Copper prices hit a record high, Goldman Sachs: Has the global market entered a "cyclical melt-up" phase?
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Copper prices are undergoing a price restructuring driven by cross-market arbitrage, due to the combined effects of U.S. tariff expectations and global structural supply tightness. Goldman Sachs commodity experts warn that arbitrage trading based on tariff expectations is forming a self-reinforcing cycle of "inventory draining – widening spreads – accelerated