Comex copper futures price action in COMEX copper futures

Price action in COMEX copper futures indicates mixed sentiment, with intraday lows near $3.98/lb met by strong buying from physical market players. Traders are closely monitoring Chile’s mining production data for supply cues. A production drop could firm prices into next month. The monthly chart of NYMEX platinum futures for October 2025 delivery highlights the 15.62% September gain. After posting a bullish key reversal pattern in the second quarter, platinum surged to the upside, leading the precious metals sector and reaching its highest price since February 2014. Yet this will be bearish for LME prices, with the wave of copper rushing to the US likely to stop once the tariffs are implemented. At that point, US buyers are likely to start working through their inventories. There is now more copper stored in Comex warehouses than there is in the LME and Shanghai Futures Exchange (SHFE) warehouses combined. This will likely improve the availability of copper, ex-US, which would weigh on LME copper prices. This will likely only play out once tariffs are implemented. For now, the Comex-LME arb has widened to more than $2000/t, which will support the strong flow of copper into the US. Early trading sees COMEX copper futures at $4.01/lb, reacting mildly to news of stronger Japanese machinery orders. Traders anticipate additional stimulus from Asia, which would likely trigger increased copper consumption in infrastructure and housing projects.