CoinMeta data: Copper prices remain stable, with traders focusing on rising inventories and narrowing price spreads ahead of the Federal Reserve's decision on interest rate hikes later on Wednesday. Futures on the London Metal Exchange (LME) saw a slight increase, continuing the modest upward trend from the previous trading day. Prices have still fallen significantly from their record highs set last week due to bets that U.S. tariffs would lead to tighter supply. Traders have been shipping copper into U.S. warehouses throughout the year in hopes of profiting from the higher domestic prices driven by tariffs, but so far the White House has not introduced any new measures. Meanwhile, inventories at LME-certified overseas storage facilities continued to rise this week, reducing the threat of supply shortages. Three-month futures are trading at a premium of $62.53 per ton over spot copper, a market structure known as a positive spread, indicating sufficient supply. In the weeks prior, the reverse structure indicating market tightness—i.e., a premium for spot copper—dominated. The Federal Reserve is generally expected to raise interest rates for the first time since 2023, which is usually unfavorable for non-yielding assets such as commodities.