Updated 27 March 2026
Copper Futures Prices
Copper futures on COMEX trade in USD per pound. LME futures trade in USD per metric tonne. The futures curve currently shows mild contango (futures above spot), signaling expected price increases.
Current Futures Prices
| Contract | Exchange | Price | Expiry | Notes |
|---|---|---|---|---|
| Front month (HG) | COMEX | $4.52/lb | Apr 2026 | Most actively traded |
| 3-month | COMEX | $4.58/lb | Jul 2026 | Slight contango (future > spot) |
| 6-month | COMEX | $4.65/lb | Oct 2026 | Market expects gradual rise |
| 12-month | COMEX | $4.72/lb | Apr 2027 | Furthest liquid contract |
| 3-month | LME | $9,980/tonne | Rolling | Global benchmark, in $/tonne |
Prices are indicative and delayed. For live trading data, use your broker's platform or the CME Group / LME websites.
How Copper Futures Work
What is a copper future? A standardised contract to buy or sell a specific amount of copper at a set price on a future date. One COMEX copper contract represents 25,000 pounds of copper. One LME contract is 25 metric tonnes.
Who trades copper futures? Two groups: hedgers (miners, manufacturers, and wire producers who use futures to lock in prices) and speculators (traders betting on price direction). About 60% of copper futures activity is commercial hedging.
What is contango vs backwardation? When futures prices are higher than the spot price (contango), the market expects prices to rise. When futures are lower than spot (backwardation), the market expects prices to fall or signals tight current supply. Copper is currently in mild contango.
COMEX vs LME: COMEX (CME Group, New York) is the primary US benchmark, priced in cents per pound. LME (London Metal Exchange) is the global benchmark, priced in US dollars per metric tonne. Both track the same commodity but have different contract specs, delivery locations, and trading hours.
Converting Between Exchanges
COMEX price ($/lb) x 2,204.62 = LME equivalent ($/tonne)
LME price ($/tonne) / 2,204.62 = COMEX equivalent ($/lb)
Example: $4.52/lb x 2,204.62 = $9,965/tonne