Comex copper futures the latest move in COMEX copper futures

The latest move in COMEX copper futures shows consolidation around $4.02/lb, as global equities pause ahead of U.S. CPI data. A hotter-than-expected reading may trigger rate hike fears, hurting industrial metals. Analysts expect potential upside if inventory levels at LME warehouses continue to decline. As the 2025 winter season approaches, the odds favor price weakness in meats and gasoline prices over the coming weeks and months. However, livestock futures remain at record highs and were elevated during the 2024/2025 offseason. Meanwhile, gasoline demand should decline as temperatures drop, but crude oil and oil products remain sensitive to events in the Middle East. Traders expect that this record premium will attract more copper semis to flow into the US. The copper market on COMEX is steady today at $4.03/lb, supported by positive earnings from major industrial manufacturers. Demand outlook improves as new EV projects ramp up, with analysts eyeing potential Q4 contract highs if macroeconomic conditions align.