The HS71 / HS74 Reimport Break

The $2.68M reimport run broke three anomalies.

Last night we reimported 2.68 million rows of EU customs data spanning HS71 (precious metals), HS74 (copper), and HS85 (electronic machinery). Three flow anomalies emerged that the legacy feeds still describe in annual rollups.

What you'll find in the full issue

• Anomaly 1 — HS71 gold reimport spike from CH into AT/IT
• Anomaly 2 — HS74 copper: LV outbound down, RU mirror unchanged
• Anomaly 3 — HS85 electronics: TR as transit pivot
• Opus 4.7 synthesis across HS2 × top-10 partners
• Front-running watch — 7d delay lifted for subscribers

HS71 — Gold reimport: CH → AT / IT → ?

EU-27 imports of HS71 from Switzerland rose +38.4% YoY in the reimport window. The bulk of the flow entered Austria and Italy, then vanished from the reported export side. The mirror against CH customs shows a €1.82 B delta that has no EU-27 counterpart.

Our read

Either a timing artefact (unlikely — the pattern holds 3 years) or a genuine reimport arbitrage priced into the gold curve before the reported flow catches up. The LME/NY premium spread tightened 9 bp in the same window. We walk the chain on page 3.