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yesterday

Copper Holds Near Record as Traders Roll Positions and U.S. Arbitrage Swells Comex Stocks

Goldman Sachs raised its 2026 forecast on Monday, citing reduced chances of near‑term U.S. tariffs.

A coil of copper rod sits on the production line for copper flat wire at the Wellascent factory in Ganzhou, Jiangxi province, China August 14, 2025. REUTERS/Florence Lo/File Photo
Coils, coiled copper wires, lie on pallets in the wire plant at Aurubis AG.
Image

Overview

  • Three-month LME copper traded near $11,670 on Monday after hitting a record $11,952 on Friday, with sharp intraday swings persisting.
  • Short positions were cut or rolled ahead of Wednesday’s LME settlement, and about 39% of exchange inventories were earmarked for delivery.
  • Record inflows continued into Comex as traders captured the LME–CME price spread, boosted by the U.S. exclusion of refined copper from current tariffs.
  • Goldman Sachs lifted its 2026 average price outlook to $11,400 per ton, pointing to lower odds of near-term refined-copper tariffs alongside ongoing supply tightness.
  • Soft Chinese industrial output and falling home prices, plus reported mine disruptions in Indonesia and Chile, contrasted with strong AI and electrification demand themes supporting prices.