COMEX-LME Copper Spread Hits $621.81/Ton, Arbitrage Keeps Flowing to US
The divergence in copper prices and inventories between COMEX and LME has continued to widen, with the spread reaching US$621.81 per tonne on August 5. As uncertainty persists over whether US tariffs will be imposed, their size, and their timing, cross-market arbitrage continues to drive copper supplies toward the United States.
Recently, the divergence in copper prices and inventories between the New York Mercantile Exchange (COMEX) and the London Metal Exchange (LME) has continued to widen. On August 5, the spread between COMEX copper and LME copper reached US$621.81 per tonne at one point. Because significant uncertainty remains over whether tariffs will be imposed, the size of the tariffs, and the timing of implementation, this round of cross-border copper flows is still ongoing.