Copper
HG · COMEX · futuresCopper as an industrial material
Copper is widely used in electrical systems, construction, machinery and transport. Its conductivity makes it important to many applications associated with electrification. Demand still depends on the specific products being manufactured and the investment taking place.
The HG series follows COMEX copper futures in USD per pound. A pound is a mass unit; the quote is not automatically a price per metric tonne.
Mining, processing and available supply
Mine output, ore quality, processing capacity and transport affect availability. Building new capacity takes time, while disruptions can remove supply quickly. Recycling provides another source with its own collection and processing economics.
The demand response depends on construction and manufacturing cycles as well as substitution and efficiency. More electrical infrastructure does not imply an identical percentage rise in copper use every year.
Reading the HG chart
Calling copper an economic barometer is a simplification: a mine interruption can raise price without improving global growth. Silver has another industrial-demand mix and Tesla illustrates a downstream manufacturer. Continuous futures can have roll gaps; volume counts contracts rather than tonnes mined.
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