Copper Prices Surge on Tight Physical Market and Fed Decision
Copper prices surged on Thursday, driven by mounting evidence of a tight physical market and relief that the US Federal Reserve left interest rates unchanged.
The most active contract for copper delivery in September rose as much as 2.9% to $6.4930 a pound on the Comex market in New York, with prices still up 2.2% at $6.4515 ($14,224 a tonne) by late morning.
The red metal has gained more than 14% so far in 2026, and Thursday's high brought it within about 2.5% of the record set in early June, when the most active contract moved above $6.60.
Signs of tightness are multiplying, with nearby LME contracts trading at a premium of about $24 a tonne over three-month futures, and China's import premiums reaching their highest level since 2022 last week.