Copper pricing fragments as markets regionalise, CME says
XLB•Copper trading is becoming more regionalised, with prices in New York and Shanghai reflecting local supply, demand and policy factors, CME Group’s metals head said. Comex copper reached a record $6.83 a pound, or $15,057 a metric ton, on September 22, up 50% since the start of 2025.
1. Regional price divergence
CME Group global head of metals Jin Hennig said copper markets are becoming more fragmented and that “one price fits all isn't effective.” The London Metal Exchange remains a global benchmark, but its position is being challenged by Comex and the Shanghai Futures Exchange.
2. Tariff concerns and flows
The threat of US tariffs has helped push Comex prices above LME prices, creating an arbitrage incentive for traders and producers to ship copper to the United States. Industry sources said more than 700,000 tons of copper in Comex-registered warehouses may not flow back out unless LME prices rise significantly above Comex or European premiums increase enough to encourage shipments.
3. Regional benchmarks
Hennig said Shanghai prices represent the China price, while Comex reflects the US duty-paid price. Industry sources see Shanghai prices as increasingly representative of the market in the world’s largest producer and consumer of refined copper.
