Is Copper Going to Trade $7 per Pound?

I asked if copper could still rally after reaching a long-term target in a June 5, 2026, Barchart article, where I concluded with the following:

In early June 2026, COMEX futures were around $6.30 per pound, while LME forwards were over $13,900 per ton. While upside targets of $6.8030 and $15,000 per ton are possible, risk-reward could favor the downside in the current environment. Since 2021, investing in copper has been optimal. In 2026, trading copper rather than investing could offer the greatest potential rewards. Copper could still rally and eclipse even the most bullish targets above $15,000 and $6.80, but selling at new record highs and buying ahead of critical technical support levels has been optimal for years, and I expect that trend to continue. 

Nearby COMEX copper prices were trading at $6.2905 per pound on June 5, 2026, with the three-month LME copper forwards trading at $13,932 per metric ton on June 4, 2026. While the COMEX futures briefly probed below $6 in late June, the price action was another in a long series of buying opportunities that took the nonferrous metal to another new record high in August.

New highs in COMEX copper futures

COMEX copper futures rose to a new record high in August 2026. 

The monthly chart shows that the continuous COMEX copper futures contract rose to $6.8795 per pound in August, another all-time high, before correcting to $6.61 per pound. 

LME forwards are near a test of their record high

While COMEX copper futures continue to reach new record highs, the three-month LME forwards remain below their January 2026 record high of $14,527.50 per metric ton. 

The monthly continuous contract shows that LME copper rose to $14,437 per ton in August, only $90.50 per ton below the January record peak price. LME forwards were trading at just over $14,280 per ton in late August. 

Copper fundamentals support higher prices

Copper is critical for power grid infrastructure, building wire for data centers and other residential and commercial buildings, circuits, microchips, connectors for smartphones, laptops, TVs, plumbing, architecture, Fixtures, EVs, solar panels, wind turbines, and other industrial and consumer demand verticals. U.S. copper imports have tightened demand. While Goldman Sachs has forecast a near-term supply surplus, JPMorgan analysts project a 330,000-ton refined copper deficit in 2026, and the International Copper Study Group estimates a 150,000-ton deficit. China is the world’s leading consumer of refined copper. 

Copper production is struggling to keep pace with rising demand, creating a deficit. The bottom line is that COMEX copper prices are likely to eclipse the $7 per pound level, and LME three-month forwards seem headed for a new record high. 

Inventories have declined on the LME and increased in COMEX warehouses

Copper futures have outperformed the copper forwards as trade sanctions and tariffs have caused U.S. COMEX copper stocks to rise more than LME copper inventories. The 2026 changes in copper stockpiles are as follows:

• COMEX copper inventories have increased by 50.8% or 252,862 tons from 498,061 tons at the end of 2025 to 750,923 tons on August 26, 2026.
• LME copper inventories have increased by 61.1% or 90,050 tons from 147,425 tons at the end of 2025 to 237,475 tons on August 27, 2026. 

While the LME copper stocks have risen more on a percentage basis, the nominal increase for the COMEX inventories is more than double the LME increase. LME stocks fell to a low level in 2025 as the U.S. imposed trade tariffs. 

CPER tracks COMEX copper prices

At $40.05 per share, the U.S. Copper ETF (CPER) had over $773.6 million in assets under management. CPER trades an average of over 500,000 shares per day, making it a liquid ETF. CPER charges a 1.06% management fee. 

The most direct routes to invest in or trade copper are COMEX futures or LME forwards. CPER provides an alternative that is available for standard equity accounts. 

COMEX copper futures rose 14.69% from $5.9870 on June 24, 2026, to the most recent high of $6.8665 on August 6, 2026. 

The chart shows that over the same period, the CPER ETF rose 13.4% from $36.12 to $40.97 per share. While COMEX copper futures trade around the clock, the CPER ETF is only available during U.S. stock market hours. As a result, the ETF can miss highs or lows that occur when the stock market is closed. 

COMEX copper has pulled back to just above $6.60 per pound, and the CPER ETF to just over $40 per share. If copper futures are heading toward $7 or higher, the CPER ETF will likely ride the bullish wave. Given the bullish trend, copper futures at the $7 level is not out of the question by the end of 2026.