Copper has been smashing through record prices lately, and there are some solid reasons behind the surge. The market's essentially pricing in two major concerns: first, worries about a significant supply shortage on the horizon; second, the real possibility of increased US tariffs that could further squeeze global trade dynamics. For traders and portfolio managers watching across asset classes, this move matters because it signals broader inflation expectations and geopolitical trade risks that typically ripple through risk assets. Understanding these drivers—whether it's mining capacity constraints or protectionist trade policies—gives you a better read on where commodity inflation might be heading next.