My January 20, 2026, Barchart quarterly report on the base metals sector highlighted LME copper forwards and COMEX copper futures, which posted gains of over 41% in 2026. I concluded the report with the following: I remain bullish on base metals, but would only enter or add to long risk positions on price corrections. Expect price volatility, and you will not be disappointed.   More News from Barchart LME copper forwards and COMEX copper futures closed 2025 at $12,423 per ton and $5.6820 per pound, resp ...

Core Insights - Copper futures are expected to potentially reach $5 per pound by the end of 2025, supported by strong supply-demand fundamentals [1] - As of September 16, 2025, COMEX copper futures were just below $4.70 per pound, with LME forwards trading at $10,126.50 per metric ton [2] - A long-term bullish trend in copper prices has been established, with significant price movements observed in 2025 [3][4] Price Trends - COMEX copper futures reached a record high of $5.9585 per pound in July 2025, maintaining a bullish trend despite volatility [4] - LME forwards also reached a record high in October 2025, indicating a strong upward trend in copper prices [5][6] Inventory Dynamics - Tariffs have caused a significant shift in copper inventories, with LME stocks dropping nearly 50% to 135,725 tons by November 14, 2025, while COMEX inventories surged by 309.3% to 381,296 metric tons [7] - The overall combined stocks increased by over 150,000 tons from the end of 2024 to November 14, 2025, highlighting a shift in market dynamics [7]