Will Copper Reach $5 by the End of 2025?

Group 1 - Copper futures experienced extreme volatility in 2025, with record highs in March and July, and significant drops in April and late July, exacerbated by U.S. tariffs [1] - On July 31, 2025, COMEX copper futures were priced at $4.4255 per pound, while three-month LME copper forwards were at $9,793 per metric ton [2] - The continuous COMEX copper futures contract saw a 27.3% decline from a record high of $5.9585 on July 24 to a low of $4.3325 on July 31 [3] Group 2 - Since the July 31 low, copper prices have shown recovery, making higher lows and higher highs, with prices exceeding $4.55 on September 4 [4] - LME three-month copper forwards had a less volatile year compared to COMEX futures, with significant price differentials caused by tariffs [5] - Although COMEX futures reached new record highs in 2025, LME three-month forwards remained below the 2024 peak of $11,104.50 per metric ton, with a low of $8,105 per ton on April 7 due to tariff announcements [6]