Copper volatility in the futures market was extreme in 2025, with the price reaching new record highs in March and July and a pair of implosive moves to lows in April and late July. U.S. tariffs have only exacerbated the price variance of copper.
In a July 31, 2025, Barchart article, I highlighted the divergence between COMEX copper futures and LME copper forwards. I concluded with the following:
