Copper
HG=F
Key Statistics
About Copper
By Liveworldmarket Editorial Team · Last reviewed 6 July 2026
Copper Futures (COMEX HG) — A Practical Guide
Copper futures, traded on COMEX under ticker HG, are the headline US benchmark for industrial-metal pricing. The contract is sized at 25,000 lbs (pounds) of copper priced in cents per pound — one contract is therefore notionally about $100,000-120,000 at typical 2026 price levels. Copper is sometimes called 'Doctor Copper' for its supposed predictive value about global economic health: because copper is used in everything from electrical wiring to plumbing to EV batteries to data-centre construction, sustained moves in copper prices typically presage broader industrial-cycle inflections.
The world's two main copper benchmarks are NYC COMEX HG (US) and LME (London Metal Exchange) copper. COMEX is more retail-tradeable; LME is the institutional global benchmark. Both contracts move in near-lock-step (correlation > 0.98 on daily returns).
History & contract origins
COMEX copper futures launched in 1933 (one of the oldest continuously-traded futures contracts on any exchange). The modern era of copper pricing began with China's WTO accession in 2001 and the subsequent commodity supercycle: copper rose from $0.70/lb in 2001 to over $4.50/lb by 2008. The 2008-09 GFC crashed prices to $1.30, the 2010-2011 reflation took them back to $4.66 (the all-time high), then a multi-year bear cycle to $1.94 in 2016. The 2020-2024 supercycle 2.0 took copper to a new all-time high of $5.20 in May 2024 driven by EV-supply-chain demand, AI data-centre construction, and chronic supply underinvestment.
Major drawdowns: 2008 (-65%), 2014-16 (-58%), 2022 (-35%). Long-run real returns from copper have been positive but volatile.
Trading hours & session layout
COMEX copper trades the same Globex hours as gold and silver. In IST:
| Weekly open | Sun 03:30 IST |
| High-volume window | 18:00 - 02:30 IST |
| Weekly close | Sat 02:30 IST |
Holiday calendar (typical annual closures)
Listed below are the major scheduled closures for the underlying exchange. Exact dates shift year-to-year — always verify against the exchange's official calendar before holding overnight positions across a holiday boundary.
| Holiday | Typical date |
|---|---|
| New Year's Day | 1 January |
| Good Friday (early close) | Variable |
| Memorial Day (partial) | Last Monday of May |
| Independence Day (early close) | 4 July |
| Thanksgiving (early close) | Fourth Thursday of November |
| Christmas Day | 25 December |
How to read this tape
Read copper alongside three signals. First, Chinese PMI data and Chinese property starts — China consumes roughly 50% of global copper, so Chinese industrial activity dominates the demand story. Second, LME warehouse inventories — when inventories are draining sharply, prices typically rise; rebuilding inventories signals demand weakness. Third, mine-supply disruptions — strikes at major mines (Chuquicamata, Escondida, Grasberg, Las Bambas) or weather events in Chile (40% of global copper output) can drive sharp price moves.
Long-run structural bull case: EV manufacturing requires roughly 4x more copper per vehicle than ICE vehicles; data centres for AI require massive copper-rich power-distribution infrastructure; grid upgrades for renewables require new transmission. Copper-mine supply growth has lagged because of multi-decade underinvestment and increasing regulatory friction.
Frequently asked questions
Why is copper called 'Doctor Copper'?
Because of its supposed diagnostic value about the broader economic cycle. Copper has historically led broader industrial-commodity moves by 1-3 months, making it a leading indicator of cyclical inflection. The track record is real but imperfect.
How does Chinese demand affect copper prices?
China consumes roughly half of global copper. Chinese property starts, infrastructure spending, EV production and grid build-out are the most consequential demand variables. A 5% surprise in Chinese industrial output typically moves copper by 2-4% within days.
Where is most copper mined?
Top producers: Chile (~28% of global supply), Peru (~10%), DR Congo (~8%), China (~8%), USA (~5%), Russia (~5%). Chilean supply-disruption risk (mining-tax legislation, water-rights disputes, labour strikes) is a recurring source of price volatility.
Is the long-run outlook bullish for copper?
The consensus structural view is yes — driven by electrification (EVs, grid build-out, data centres) outstripping mine-supply growth. However, demand shocks (Chinese property collapse, global recession) can produce multi-year bear cycles within a structural bull market.
Can Indian residents trade COMEX copper?
Indirectly via MCX Copper futures (which track LME with a small basis). Direct COMEX trading requires LRS route through a US broker.
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Editorial article. Information only — not investment advice. Read our Risk Disclaimer before acting on any market data shown here.