Copper futures climbed above $6.7 per pound on Wednesday, reaching a new all-time high as supply-side risks persisted despite a recent easing of the market squeeze. Traders continued to divert shipments toward the US amid elevated premiums and expectations of new tariffs under the Trump administration, with the White House yet to make a final decision on the matter. Copper inventories in warehouses tracked by the London Metal Exchange have fallen by almost half since mid-May following a 42-day streak of declines. Elsewhere, Zijin Mining warned that flooding at the Kamoa-Kakula copper complex in the Democratic Republic of Congo could cut its share of production by as much as 57,000 tons this year, underscoring ongoing risks to global supply. On the demand side, Chinese smelters have faced difficulties securing feedstock, increasing the need for imports.