Copper prices clawed back ground on Wednesday after a steep pullback the prior session, with traders again gravitating to the market’s near-term constraint: a shortage of deliverable metal outside the United States. The London Metal Exchange (LME) three-month benchmark rose modestly to around $12,796 per metric ton, rebounding from Tuesday’s decline and remaining not far below last week’s record peak near $13,407.

The day’s price action reflected a tug-of-war between two realities that have been coexisting for months. On the one hand, the copper complex continues to show signs of structural tightness, especially in promptly available inventory, supporting elevated prices. On the other hand, the rally itself is beginning to erode demand at the margin, particularly in China, and the broader risk backdrop has become more unstable as geopolitics and tariff threats re-enter the center of the macro narrative.

The first Trump–Lee summit in Washington is being billed as a milestone moment in the U.S.–South Korea relationship, a recalibration that goes well beyond trade. On paper, the July trade deal lowering U.S. tariffs to 15% was the breakthrough that set the stage for President Lee Jae Myung’s visit. But the White House is clearly intent on using the momentum not just to lock in corporate investment, but to press Seoul on defense, nuclear energy, and its role in deterring China.

On defense costs, Trump is reprising his longstanding theme that South Korea is a “free rider.” Seoul has already agreed to increase its financial contribution to host the 28,500 U.S. troops stationed on the peninsula by 8.3% from 2026, but Washington is demanding much more: specifically, that South Korea raise overall defense spending toward 5% of GDP, more than double its current 2.3%.

Spanish energy company Repsol has entered the US onshore wind market through its acquisition of renewable energy developer ConnectGen for $768 million. The purchase is part of Repsol’s strategic shift from oil and gas to renewable energy.