August 21, 2026 04:00 PM GMT Commodity Matters | Europe Copper: All About the Arbs Copper's surge to record levels drove some signs of stress in the market, with SHFE-LME moving to an export arb and the spot COMEX-LME import arb closing temporarily. However, we see prices well underpinned through 2H, with pullbacks offering buying opportunities. Key Takeaways 2) China's import arb has flipped to an export arb: China's demand also responded to higher copper prices. The Yangshan physical premium has fallen to ...