Benchmark: LME cash, in-warehouse. The same tonne prices differently by origin — freight, quality, sanctions and policy set the differential.
| 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 6-month 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.