A massive short squeeze in New York has sent copper prices skyrocketing, with the Comex premium over the London Metal Exchange price surging to over $1,200 per ton. This unprecedented price spread has wrong-footed major traders and hedge funds, sparking a frantic scramble for copper to fulfill expiring contracts. Despite no overall physical shortage, the squeeze highlights tight US copper supplies, exacerbated by solid demand and shipping issues. Analysts expect further market volatility as traders rush to move copper to the US, with some relief potentially coming in early June.