Comex copper futures trading in COMEX copper futures is

Trading in COMEX copper futures is choppy today, with prices swinging between $3.99 and $4.05/lb. Traders note strong physical buying from South Korean industrials as they replenish seasonal inventories. The soft commodities posted across-the-board declines, with cocoa futures leading on the downside experiencing a 12.46% price plunge. World sugar, Arabica coffee, cotton, and frozen concentrated orange juice futures declined. However, coffee, cocoa, and OJ prices remain elevated, given explosive price action over the past months. Cotton and sugar have lagged the sector, and prices remained under pressure in September. As U.S. prices remain elevated despite larger-than-usual inventories, the gap in U.S. Comex futures over those on the LME has fluctuated between $500 and $1,500 since Trump announced a probe into copper in February. Historically, that rate has been near-zero, and was around the $150 level in 2024. COMEX copper futures are buoyed by improved Chinese export figures, staying firm at $4.07/lb. Reduced warehouse inventories globally are creating a tighter rollover spread, which often precedes upward price pressure in the near term.