Copper futures remained above $4.87 per pound on Wednesday, buoyed by a notable decrease in global inventories. The London Metal Exchange reported a year-to-date drop of over 63% in copper stockpiles, which fell to only 99,000 metric tons. This decline is attributed to traders redirecting shipments to the United States in anticipation of forthcoming tariffs on copper imports, consequently tightening the global supply. However, analysts have warned that once the details of the proposed tariffs by former President Trump are finalized, US buyers, many of whom have already increased their orders earlier this year, might significantly scale back their purchases, which could impact short-term demand. In addition, geopolitical tensions remain a concern. A US-facilitated ceasefire between Israel and Iran was largely holding despite occasional skirmishes. Nonetheless, intelligence sources revealed that recent US missile strikes only partly impaired Iran's nuclear facilities, causing delays in their program but not completely dismantling it.