COMEX Copper Price Today

COMEX copper futures (HG) are the primary copper benchmark for North America, traded on the COMEX division of CME Group. The HG contract is one of the most actively traded industrial metal futures globally, providing transparent price discovery for copper producers, fabricators, merchants, and speculators. COMEX copper prices are referenced by wire mills, tube manufacturers, and scrap dealers throughout the United States and serve as the basis for physical copper pricing across the Western Hemisphere.

The standard COMEX copper contract represents 25,000 pounds of copper, with prices quoted in US cents per pound. For example, a quote of 450.00 means $4.50 per pound, giving a full contract value of $112,500. The minimum tick size is 0.0005 cents per pound, equal to $12.50 per contract. Deliverable copper must be Grade 1 electrolytic copper cathode conforming to ASTM B115 specifications. CME Group also offers the E-mini copper contract (QC) at 12,500 pounds for smaller position sizes.

Understanding the COMEX vs LME copper relationship is essential for global copper market participants. COMEX quotes copper in US cents per pound while the London Metal Exchange quotes in US dollars per metric tonne. Despite these different conventions, the two exchanges maintain near-perfect price correlation because arbitrage traders continuously align them. To convert COMEX cents-per-pound to LME dollars-per-tonne, multiply the per-pound price by 2,204.62. Any sustained divergence between COMEX and LME creates an arbitrage opportunity that market participants quickly exploit, keeping prices in sync.

COMEX copper warehouse stocks are a closely watched market indicator. Copper stored in COMEX-approved warehouses across the United States is reported daily by CME Group. Like silver, copper inventory is categorized as registered (available for delivery against futures) or eligible (meets specifications but not warranted). Declining registered stocks relative to open interest suggest tightening physical supply and can push nearby futures into backwardation. Major inventory movements, especially large warrant cancellations, often precede significant price moves and are monitored closely by traders and analysts.

Several key factors drive COMEX copper prices. China accounts for over 50% of global copper demand, making Chinese economic data the single most important variable. Construction and infrastructure spending, electric vehicle production, and power grid investment all contribute to copper demand growth. On the supply side, disruptions at major mines in Chile, Peru, and the Democratic Republic of Congo can rapidly tighten the market. The US dollar index also influences copper since it is priced in dollars. Rising interest rates tend to weigh on copper by increasing financing costs and strengthening the dollar, while accommodative monetary policy generally supports prices.