About Copper
Copper conducts electricity and heat well, so it is everywhere: wiring, buildings, motors, power grids and electric vehicles. Because demand follows industrial activity, its price is often read as a barometer of the global economy.
What moves the copper price
- Chinese demand, which accounts for roughly half of global consumption.
- Mine supply disruptions in Chile, Peru and the Democratic Republic of Congo.
- Energy-transition demand from grids, renewables and EVs.
- Exchange inventories on the LME, COMEX and Shanghai Futures Exchange.
Why traders call it Dr. Copper
Copper is used in power cables, buildings, motors, electronics and vehicles, so its price is often treated as a read on global industrial health. Rising copper alongside falling inventories tends to signal strong demand; falling copper can hint at slowing manufacturing. The nickname is a simplification: supply shocks at major mines can lift the price even when demand is weak, so always check whether a move is driven by demand or supply.
China consumes roughly half of the world's refined copper, which makes Chinese property, grid and manufacturing data, as well as Shanghai Futures Exchange (SHFE) prices and bonded-warehouse premiums, central to the market. The energy transition adds a structural layer: electric vehicles, wind and solar farms and grid upgrades are all copper-intensive.
Pounds versus tonnes
The chart on this page is quoted in US dollars per pound, matching COMEX. The London Metal Exchange quotes dollars per tonne. To compare them, multiply the per-pound price by about 2,204.6. Differences between COMEX and LME prices can open up when tariffs or trade policy change the cost of moving metal into the US, so a gap between the two is not necessarily an error.
Supply and inventories
Chile and Peru are the largest mine producers, followed by the Democratic Republic of Congo, China and the United States. New mines take many years to develop, and falling ore grades at older mines mean more rock must be processed for the same output. Strikes, water shortages, political changes and accidents can remove supply suddenly. Treatment and refining charges (TC/RCs) paid by miners to smelters are a useful signal: very low charges mean concentrate is scarce. Exchange inventories at the LME, COMEX and SHFE are published daily or weekly and are watched for sudden draws.
Seasonality
Chinese demand typically slows around Lunar New Year and then picks up through March to May as construction and manufacturing restart, which can support prices in spring. Northern-hemisphere summer and the Chinese "golden week" holiday in early October are often quieter. As with all commodities, these are tendencies that macro news can easily override.
Contract specifications
| US benchmark | COMEX Copper (HG), CME Group |
|---|---|
| Contract size | 25,000 pounds |
| Price quote | US cents and dollars per pound |
| Minimum tick | $0.0005 per pound = $12.50 per contract |
| Most active months | March, May, July, September, December |
| Settlement | Physical delivery of Grade 1 copper cathode |
| Global benchmark | LME Copper, 25 tonnes, quoted in US dollars per tonne |
| Smaller contracts | Micro Copper (MHG) 2,500 pounds |
Specifications as published by the exchange; they can change, so confirm on the exchange website before trading.
Trading hours
CME Globex trades almost around the clock: Sunday to Friday, 6:00 pm to 5:00 pm US Eastern Time, with a one-hour daily break. LME metals trade electronically on LMEselect roughly 01:00 to 19:00 London time, with open-outcry Ring sessions around midday London time. The 3-month contract is the usual benchmark.
Contract basics
COMEX Copper (HG) covers 25,000 pounds, quoted in dollars per pound, minimum tick $0.0005 ($12.50 per contract). LME copper trades in 25-tonne lots priced in dollars per tonne.
Quote unit
USD per pound. Hours and specifications can change; always confirm on the exchange's website, especially around holidays.
Copper FAQ
What moves the price of copper?
Chinese demand, which accounts for roughly half of global consumption. Mine supply disruptions in Chile, Peru and the Democratic Republic of Congo. Energy-transition demand from grids, renewables and EVs. Exchange inventories on the LME, COMEX and Shanghai Futures Exchange.
When does copper trade?
CME Globex trades almost around the clock: Sunday to Friday, 6:00 pm to 5:00 pm US Eastern Time, with a one-hour daily break. LME metals trade electronically on LMEselect roughly 01:00 to 19:00 London time, with open-outcry Ring sessions around midday London time. The 3-month contract is the usual benchmark.
What is the standard copper contract?
COMEX Copper (HG) covers 25,000 pounds, quoted in dollars per pound, minimum tick $0.0005 ($12.50 per contract). LME copper trades in 25-tonne lots priced in dollars per tonne.
Why is copper seen as an economic indicator?
Because it is used across construction, power and manufacturing, demand rises and falls with industrial activity, so its price often reflects the economic outlook.
How do I convert copper from pounds to tonnes?
Multiply the price per pound by about 2,204.6 to get the price per metric tonne.
Which country uses the most copper?
China, which accounts for around half of global refined copper consumption.
What is the LME 3-month price?
The London Metal Exchange's most liquid copper contract settles three months forward; it is the usual global benchmark quoted in US dollars per tonne.