LME copper traded in a narrow $200 band during the week ending June 22, closing at $13,642/mt — a $40 decline from the prior Friday's $13,682. The metal has been rangebound for three consecutive weeks between $13,500 and $13,750, with neither bulls nor bears able to establish a decisive breakout.
COMEX copper weakened more notably, sliding 0.59% to $6.337/lb on June 22. The COMEX-LME arbitrage widened again, with COMEX underperforming as U.S. tariff uncertainty continued to weigh on American industrial sentiment. The spread sits at roughly $830/mt equivalent — above the historical norm of $100–200/mt, reflecting persistent trade-policy friction.
LME warehouse inventories stood at 352,150 tons as of the latest count, down from the 400,000-ton peaks of late 2025 but still 60% above the multi-year lows of 2024. Canceled warrants — metal earmarked for delivery — remain low at under 8%, suggesting no immediate physical squeeze. The monthly average for June sits at $13,687/mt, up 1.33% from May, supported by mine supply constraints in Chile and Peru rather than demand-side strength.
Copper is drifting, not crashing. For buyers with Q3 coverage gaps, the $13,500–$13,600 range offers a reasonable entry window — particularly if COMEX weakness persists and you can source via LME-linked contracts. Don't chase a breakout that hasn't happened. Set price triggers at $13,250 (add 20% of Q3) and $14,100 (hedge if already covered). The June monthly average of $13,687 is your benchmark for quarterly contract negotiations.