The "economically trapped" copper dynamic — 800K+ tonnes immobilized in US warehouses by tariff arbitrage — means the rest-of-world copper market is experiencing artificial scarcity while the mainstream narrative blames genuine supply shortage; when the tariff overhang resolves, expect a violent global price correction.
Copper's artificial US stockpiling and the Hormuz LNG shock are compressing the same energy + materials stack that powers AI data center buildouts, creating a bottleneck that will hit GPU infrastructure costs and on-chain compute economics faster than crypto markets are currently pricing.