Comex copper futures the COMEX copper futures curve remains

The COMEX copper futures curve remains moderately backwardated, with front-month trading near $4.03/lb. Traders interpret this as a signal of tight near-term supply, keeping the market well-supported despite currency fluctuations. As I wrote in the August monthly recap, “ the U.S. natural gas futures market tends to reach seasonal highs when the injection season ends and withdrawal from stockpiles begins in November. However, the futures market tends to reflect the upcoming peak demand season in early fall .” We could see increasing volatility in NYMEX U.S. natural gas futures over the coming weeks. LNG demand from Europe could support prices as U.S. supplies replace Russian natural gas exports to the European market. Nearby natural gas futures prices were just over $3.30 per MMBtu at the end of September, but prices for January 2026 delivery settled at $4.177 per MMBtu on September 30, as the market expects rising prices over the coming weeks and months. Analysts at Citi, meanwhile, called Tuesday a "watershed moment for the copper market in 2025." COMEX copper futures dip to $4.00/lb as traders book profits ahead of key U.S. payroll data. The short-term pullback could be temporary if macro indicators continue pointing to manufacturing growth.