A dinner hosted by the London Metals Exchange every October is where “base” metals meet the West End. In a glitzy ballroom, 1500 black-tied guests talk beneath chandeliers, take selfies on balustrades and clap at rusty jokes.

At the VIP table, miners and ministers craft deals while sipping chardonnay. Bets are placed on how long the post-dinner show will last — a 20-minute rendition of Mamma Mia! featuring LME bosses, it turns out. Award winners go home with a bottle of fizz.

Metal traders have reason to feel bubbly. The tariffs President Donald Trump has imposed on America’s aluminium, copper and steel imports have created vast arbitrage opportunities that they are busy exploiting.

Copper, in particular, has been on a tear; it is now priced above $US10,600 ($A16,100) a tonne in London,

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