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Aluminium premium soars 25% on new U.S. tariffs – TDS

Raising Aluminium and steel tariffs has driven Aluminium's midwest premium to nearly instantly rise by nearly 25% of the LME3m benchmark price, TDS' Senior Commodity Strategist Daniel Ghali notes.

Copper tariff uncertainty keeps Comex-LME spread tame

"Interestingly, Copper markets remain dislocated, but the comex-LME spread only rose by a fraction of that seen in Aluminium's MWP, suggesting traders are still pricing in some uncertainty with respect to timing and scale of any eventual tariffs on Copper."

"Still, the resulting strength in comex Copper may pull LME Copper prices higher in the imminent term, as CTAs are forced to resume purchases with up to +20% of algos' max size likely to be bought."

Gold: Long market plumbing – TDS

Markets continue to expect large-scale CTA buying activity in Gold markets, tallying up to a massive +20% of max size into this week's NFP in any scenario for prices, reflecting a rise in leverage and signal strength as Liberation day's vol-shock continues to reverberate across markets, TDS' Senior
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Crude rallies despite OPEC+ supply return – TDS

Crude prices are rallying even as OPEC+ continues to bring crude Oil back to markets, TDS' Senior Commodity Strategist Daniel Ghali notes.
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