In September 2025, COMEX copper futures were just below $4.70 per pound, with three-month LME copper forwards trading at $10,126.50 per metric ton. By November, futures reached $5 per pound and forwards rose above $10,850 per ton, reflecting a bullish trend in copper prices.

The twenty-five-year monthly continuous COMEX copper futures chart shows higher lows and highs since November 2001. Despite volatility in 2025, the long-term bullish trend remains, with copper trading above $5.00 per pound. LME forwards reached record highs in July, while COMEX futures peaked in November.

Tariffs distorted the price differential between COMEX copper futures and LME copper forwards in 2025. By November, LME stocks dropped by nearly 50% due to tariffs, while COMEX inventories rose by over 300%. The combined stocks increased by over 150,000 tons, with LME stocks halving and COMEX stocks quadrupling.

The U.S. administration’s tariffs caused significant price differences between COMEX and LME copper prices, impacting inventories. Despite this, copper prices on COMEX reached record highs in 2025, driven by trade-related factors. Eventually, the rally in LME forwards confirmed copper’s ascent and bullish trend.

The International Copper Study Group predicted a 150,000 metric ton deficit in the global refined copper market for 2026, shifting from a previously expected surplus. Rising demand, particularly in EVs and electronics, offset slowing production growth. The deficit is expected to widen due to increasing demand for power generation.

The long-standing copper bull market remains intact, supported by fundamental and technical factors. While corrections are common, buying on dips has been profitable for decades. The U.S. Copper ETF (CPER) tracks COMEX copper futures, offering investors a way to participate in the copper market without direct futures trading.

CPER rose 20.5% during the recent copper rally, closely tracking COMEX prices. With technical and fundamental support, copper prices are expected to continue upward. Buying on corrections has historically been profitable, and copper could be setting a base for higher highs in 2026.

Read more at Yahoo Finance: Is Copper Setting a Base for a New High?