In Latin American countries, criminals climb electric poles to steal copper wires and sell them. This often leaves a block or neighborhood without power. Even the “thieves” track copper prices and work as part-time commodity traders. 
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Interesting.
The markets had priced in a tariff so the Comex price was higher than the London price.
In the end there was no tariff on copper (although there is a tariff on copper goods like pipes) and the Comex price fell and is now in line with London.
Edit: added: also a sharp drop in Orange Juice futures after OJ exempted from the tariffs against Brazil
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I’m surprised OJ is exempted, cus Lula HATES Trump!
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The big loser seems to be Canada. Back around Liberation Day, Bessent told countries: don’t retaliate, and you will be rewarded. Canada has done nothing but retaliate. State-run (ok, provincial-run) liquor stores pulled US wine and spirits from sale. A few days ago, I saw a story that Ontario (Canadian province) has cancelled a $100M contract with Starlink to provide rural internet.
Canada’s just had her tariff increased from 25% to 35% because Carney said he’s going to recognize Palestine.
The NAFTA replacement USMCA is up for renewal next year, and the scuttlebut is that Trump will split it into separate US-Canada and US-Mexico agreements (and presumably Canada and Mexico will make their own Canada-Mexico agreement). Reportedly, that is what Trump wanted to do during Trump 1.0 but he couldn’t do it without the support of the Senate, and turtle was able to prevent it.
- I haven’t heard the word “scuttlebut” in ages!
- The USMCA agreement is something I will need to read up on and anything related to South America.
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Scuttlebutt.
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And all time classic!
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