Copper price differences are widening, copper prices may still have upward momentum in the short to medium term.

On June 2, the price of COMEX copper surged to $6.649 per pound, equivalent to $14,658.40 per ton, with the price difference with LME copper briefly rising to nearly $700. As the price difference between the two exchanges widened, the disparity in inventory levels also showed signs of widening. This scene seems familiar. In 2025, influenced by multiple factors, the extreme price difference between COMEX and LME copper reached nearly $3,000, triggering a large-scale arbitrage across markets. Since then, COMEX copper inventories have continued to rise. Industry insiders said that the recent widening price difference between the two exchanges has triggered a restructuring of trade flows and regional supply mismatches, leading to a persistent shortage in non-US markets. Supported by the fundamentals of supply and demand, copper prices may still have upward potential in the short to medium term.