As of July 17, 2026, the copper to aluminum ratio is 0.00197, from a copper price of $6.22 per pound and aluminum at $3,159.80 per metric ton. Over the past 52 weeks the ratio has ranged from 0.00161 to 0.00223.
The copper to aluminum ratio is the price of copper divided by the price of aluminum. At the latest snapshot: $6.22 divided by $3,159.80 = 0.00197.
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The copper-to-aluminum ratio compares the world's two most widely used industrial metals. Copper is quoted in dollars per pound on COMEX while aluminum is quoted in dollars per metric ton on the LME, so the raw ratio is a small fraction whose trend matters more than its level.
Both metals are electrical conductors, and aluminum can substitute for copper in power cables, transformers, and busbars when copper becomes expensive. A rising copper-to-aluminum ratio therefore builds substitution pressure in the wire and cable industry, while a falling ratio eases it. The ratio also reflects two very different supply chains: copper supply is mine-constrained and slow to expand, while aluminum output tracks smelting capacity and electricity prices.
The ratio expresses how expensive copper is relative to aluminum, the metal most able to replace it. The two dominate global electrical infrastructure: copper in buildings, motors, and undersea cables; aluminum in overhead transmission lines and, increasingly, transformers and busbars. Because COMEX quotes copper in dollars per pound and the LME quotes aluminum in dollars per metric ton, the raw ratio is a small decimal, and the trend matters far more than the level.
A climbing ratio means copper is getting pricier relative to aluminum, whether from copper supply disruptions, strong grid and EV demand, or aluminum oversupply. A falling ratio means the premium is shrinking, often because power prices are lifting aluminum, which is among the most electricity-intensive metals to produce.
Substitution. Conductor-grade aluminum delivers roughly 61 percent of copper's electrical conductivity at about 30 percent of the weight, so an aluminum conductor sized up slightly can carry the same current for a fraction of the metal cost when the ratio is stretched. Utilities made exactly that switch in overhead power lines decades ago.
When copper holds a large and persistent premium, engineers evaluate aluminum for transformer windings, busbars, and building wire where electrical codes allow it. That substitution acts as a slow brake on copper rallies: the longer the ratio stays elevated, the more demand quietly migrates to aluminum. Watching the ratio is a direct read on how much of that pressure is building in the industrial pipeline.
