Benchmark: LME cash, in-warehouse. The same tonne prices differently by origin — freight, quality, sanctions and policy set the differential. Deep dive →
| Origin | Basis | Price | vs benchmark | Market note |
|---|---|---|---|---|
🌐 LME warehouses Global · terminal market | In-warehouse | 13,373.50 | Benchmark | The global reference price |
🇨🇳 Shanghai bonded China · import arb | CIF Shanghai premium | 13,455.50 | +82.00 (+0.6%)narrowing | Yangshan premium — import appetite gauge |
🇺🇸 CME delivered US USA · dislocated | CME vs LME arb | 13,783.50 | +410.00 (+3.1%)widening | Tariff-driven US premium pulling metal into COMEX warehouses |
🇨🇱 Chile concentrates Chile · top producer | FOB payable basis | 13,063.50 | -310.00 (-2.3%)widening | Concentrate payables with TC/RCs near record lows |
Differentials are indicative desk assessments over the live benchmark — 90-day spread trend shown per origin.
Track physical flows on the live vessel map →Indicative term structure · Backwardation
Converted from 13,373.50 USD/t · indicative FX
Copper is traded in the base metals segment, with price discovery referenced against LME. The chart above shows the trailing indicative price path. Physical parcels of Copper can be sourced or placed through the Off Market desk, listed openly on the Marketplace, or intermediated by a specialist broker.
Tight concentrate supply is keeping spot treatment and refining charges under pressure, underpinning refined copper even as demand signals soften in parts of Asia.