Copper pricing fragments as markets regionalise, CME says
CME•CME Group’s metals chief said copper trading is becoming more regionalised, with New York and Shanghai prices reflecting local supply, demand and policy risks. Comex copper reached a record $6.83 per pound on September 22, up 50% since the start of 2025.
1. Regional prices diverge
Global copper trading is becoming more regionalised, CME Group global head of metals Jin Hennig said in an interview. She said the view that “one price fits all isn't effective,” as Comex and the Shanghai Futures Exchange challenge the London Metal Exchange’s role as the global benchmark.
2. Tariff risks reshape flows
The threat of US tariffs has helped push Comex copper prices above LME prices since US President Donald Trump ordered a probe into potential tariffs in February last year. The price gap has encouraged traders and producers to ship copper to the United States, while industry sources say more than 700,000 tons in Comex-registered warehouses may be difficult to move back out unless LME prices rise significantly or European premiums increase.
3. Exchanges reflect local markets
Hennig described Shanghai prices as representing the China price and Comex prices as representing the US duty-paid price. She said the regional benchmarks also create arbitrage opportunities between Shanghai, New York and London.
