# Copper price on August 28, 2026 at 5:00 PM EDT?

August 28, 2026 at 5:00 PM EDT

Updated: August 26, 2026

Category: Commodities

Tags: Metals

HTML: /markets/commodities/metals/copper-price-on-august-28-2026-at-5-00-pm-edt/

## Short Answer

**Key takeaway.** Both the **model** and the **market** expect copper prices to be above **$6.39** on August 28, 2026, with no compelling evidence of mispricing.

## Key Claims (August 2026)

**- - Copper likely stays above $6.39 on anticipated U.S.** import tariffs and structural demand.
- COMEX futures testing **$6.90**-**$7.00**/lb suggests prices may rise well above **$6.51**.

## Market Behavior & Drivers

Anticipated U.S. import tariffs and structural demand from AI/energy transition infrastructure drive copper's upward movement.

This market's primary movement was driven by speculation surrounding potential U.S. import tariffs on refined copper. This prospect catalyzed the largest single-day increase, a 22.0 percentage point spike on August 24, as copper prices approached new records. The tariff news continued to drive prices the following day, August 25, resulting in a further 16.0 point gain as traders reportedly began stockpiling the metal.

The upward surge followed a brief drop on August 22. That decline was attributed to an easing supply squeeze, which had caused copper prices to pull back from all-time highs set earlier in the week. By August 26, the spot price for copper stood at $6.60 per pound, and prediction markets implied a high probability of prices remaining elevated.

### Who Wins and Why

| Outcome | Market | Model | Why |
| --- | --- | --- | --- |
| Above $6.57 | 85.0% | 86.7% | Anticipated US import tariffs and strong AI/energy transition demand drive positive market sentiment. |
| Above $6.66 | 27.0% | 33.7% | COMEX futures are reportedly testing the $6.90-$7.00/lb level. |
| Above $6.63 | 22.0% | 33.7% | COMEX futures are reportedly testing the $6.90-$7.00/lb level. |

## Model vs Market

| Outcome | Market Probability | Octagon Model Probability |
| --- | --- | --- |
| Above $6.57 | 85.0% | 86.7% |
| Above $6.66 | 27.0% | 33.7% |
| Above $6.63 | 22.0% | 33.7% |
| Above $6.54 | 82.0% | 86.7% |
| Above $6.51 | 86.0% | 87.6% |
| Above $6.69 | 28.0% | 33.7% |
| Above $6.60 | 71.0% | 76.6% |
| Above $6.72 | 12.0% | 25.7% |
| Above $6.84 | 7.0% | 25.7% |
| Above $6.81 | 6.0% | 25.7% |
| Above $6.75 | 11.0% | 25.7% |
| Above $6.87 | 21.0% | 25.7% |
| Above $6.48 | 97.0% | 97.4% |
| Above $6.78 | 19.0% | 25.7% |
| Above $6.39 | 99.0% | 99.1% |
| Above $6.99 | 3.0% | 3.3% |
| Above $6.42 | 99.0% | 99.1% |
| Above $6.93 | 8.0% | 8.7% |
| Above $6.45 | 99.0% | 99.1% |
| Above $6.90 | 13.0% | 14.2% |
| Above $7.02 | 2.0% | 3.3% |
| Above $6.96 | 3.0% | 3.3% |
| Above $7.05 | 3.0% | 3.3% |
| Above $7.08 | 2.0% | 2.2% |
| Above $7.11 | 1.0% | 1.1% |
| Above $7.14 | 1.0% | 1.1% |
| Above $7.17 | 1.0% | 1.1% |
| Above $7.20 | 1.0% | 1.1% |
| Above $7.23 | 1.0% | 1.1% |
| Above $7.26 | 1.0% | 1.1% |
| Above $7.29 | 0.0% | 0.6% |
| Above $7.32 | 0.0% | 0.6% |
| Above $7.35 | 0.0% | 0.6% |
| Above $7.38 | 0.0% | 0.6% |
| Above $7.41 | 0.0% | 0.6% |
| Above $7.44 | 0.0% | 0.6% |
| Above $7.47 | 0.0% | 0.6% |
| Above $7.50 | 0.0% | 0.6% |
| Above $7.53 | 0.0% | 0.6% |
| Above $7.56 | 0.0% | 0.6% |

- Expiration: August 28, 2026

## Significant Price Movements

### Outcome: Above $6.63

#### 📉 August 26, 2026: 46.0pp drop

Price decreased from 68.0% to 22.0%

**What happened:** The primary driver of the prediction market price movement was the 1.71% daily decline in the spot price of copper, which settled at $6.60 USD/lb on August 26, 2026 [[^]](https://tradingeconomics.com/commodity/copper). This downward movement placed the actual copper price further below the "$6.63" threshold for the prediction market outcome, significantly reducing the perceived probability of the "Above $6.63" outcome by August 28, 2026 [[^]](https://www.coinrithm.com/en/prediction-markets/gemini/copper-price-on-august-28)[[^]](https://tradingeconomics.com/commodity/copper). While no specific social media activity or distinct news catalyst was found to directly explain a 46.0 percentage point drop for copper [[^]](https://www.global-political-spotlight.com/articles/polymarket/briefs/odds-of-us-announcing-end-of-iranian-blockade-by-sept-30-drop-sharply-on-stalled-talks-and-allied-pressure-signals-20260), this price action, combined with broader 2026 forecasts suggesting prices generally below $6.63, contributed to a sharp reassessment of the outcome's likelihood [[^]](https://www.cmegroup.com/openmarkets/metals/2026/Three-Forces-Shaping-Coppers-Path-Forward.html)[[^]](https://www.cmegroup.com/markets/metals/base/copper.settlements.html). Social media was irrelevant, as no related activity from key figures or viral narratives was identified.

#### 📈 August 25, 2026: 30.0pp spike

Price increased from 31.0% to 61.0%

**What happened:** The primary driver of the prediction market's price movement was the widely reported prospect of U.S. import tariffs on refined copper, identified as the primary catalyst for copper price spikes on August 25, 2026 [[^]](https://mining.com.au/copper-price-hits-fresh-new-york-record-amid-us-tariff-threat/)[[^]](https://uk.marketscreener.com/news/us-tariff-threat-upends-copper-surplus-as-prices-test-all-time-peak-ce7858d8dd8eff2c)[[^]](https://kelo.com/2026/08/25/analysis-us-tariff-threat-upends-copper-surplus-as-prices-test-all-time-peak/). This news induced traders to aggressively stockpile metal in U.S.-based COMEX warehouses, creating a "siphon effect" that tightened global inventories and pushed prices toward record highs [[^]](https://mining.com.au/copper-price-hits-fresh-new-york-record-amid-us-tariff-threat/)[[^]](https://uk.marketscreener.com/news/us-tariff-threat-upends-copper-surplus-as-prices-test-all-time-peak-ce7858d8dd8eff2c)[[^]](https://kelo.com/2026/08/25/analysis-us-tariff-threat-upends-copper-surplus-as-prices-test-all-time-peak/). This traditional news and policy threat appeared to lead the prediction market spike. Social media activity was irrelevant, as no related posts or narratives from key figures were identified in the provided information.

### Outcome: Above $6.57

#### 📈 August 24, 2026: 22.0pp spike

Price increased from 40.0% to 62.0%

**What happened:** The primary driver of the 22.0 percentage point spike in the prediction market was traditional news and market speculation surrounding potential U.S. import tariffs on refined copper [[^]](https://mining.com.au/copper-price-hits-fresh-new-york-record-amid-us-tariff-threat/). Reports as of August 25, 2026, highlighted that copper prices were hitting fresh New York records amid these tariff threats, leading to significant supply chain shifts and tightening global supplies [[^]](https://mining.com.au/copper-price-hits-fresh-new-york-record-amid-us-tariff-threat/). This ongoing news likely increased market confidence that copper prices would remain above $6.57 by August 28, 2026 [[^]](https://www.coinrithm.com/en/prediction-markets/gemini/copper-price-on-august-28). Social media was irrelevant, as no related activity was found in the provided information.

### Outcome: Above $6.45

#### 📈 August 23, 2026: 13.0pp spike

Price increased from 62.0% to 75.0%

**What happened:** The primary driver for the 13.0 percentage point spike in the "Above $6.45" prediction market outcome on August 23, 2026, was the robust performance of COMEX copper futures on that date. COMEX copper futures (HGU6) closed at $6.5715 per pound on August 23, 2026, which was already above the $6.45 threshold for the prediction market, directly influencing investor confidence [[^]](https://www.cmegroup.com/markets/metals/base/copper.settlements.html?videoId=). This market movement was likely reinforced by ongoing reports of US tariff-related hoarding and structural supply constraints [[^]](https://www.mining.com/copper-price-notches-another-record-before-retreating-as-squeeze-eases/)[[^]](https://www.indexbox.io/blog/copper-prices-hit-record-highs-as-us-tariff-threat-fuels-supply-squeeze/). Social media was not identifiable as a primary driver, contributing accelerant, or significant factor based on the provided information.

### Outcome: Above $6.48

#### 📉 August 22, 2026: 11.0pp drop

Price decreased from 63.0% to 52.0%

**What happened:** The prediction market's 11.0 percentage point drop on August 22, 2026, for copper staying "Above $6.48" was primarily driven by traditional market factors. Copper prices began retreating "earlier in the week" as a supply squeeze eased after setting new all-time highs [[^]](https://www.mining.com/copper-price-notches-another-record-before-retreating-as-squeeze-eases/). This decline was further influenced by a stronger U.S. dollar, which offset ongoing supply concerns and contributed to downward price pressure [[^]](https://energynews.oedigital.com/mining/2026/08/25/copper-prices-fall-as-the-stronger-dollar-offsets-new-supply-problems). Social media activity was not a primary driver for this movement, as no relevant social media information was identified in the available sources.

## Contract Snapshot

This market resolves YES if the copper price on August 28, 2026, at 5:00 PM EDT is above $6.63, and NO if it is $6.63 or below. The market settles at 5:00 PM EDT on August 28, 2026. For this settlement, the price will be determined using the front-month copper futures contract settlement price, as it occurs before the September 4, 2026, change to the Pyth Copper 24/7 index.

## Market Discussion

There is no traded market price for copper on August 28, 2026, as the August 2026 futures contract terminated its trading period earlier in the month [[^]](https://www.cmegroup.com/markets/metals/base/copper.quotes.html); however, a separate prediction market shows a 91.5% implied probability of the price reaching $6.54 or above by that date, as of August 24, 2026 [[^]](https://www.coinrithm.com/en/prediction-markets/gemini/copper-price-on-august-28). As of August 26, 2026, copper prices are highly volatile and trading near record highs, around $6.60 per pound, influenced by U.S. import tariffs that have incentivized significant stockpiling and created artificial tightness despite a projected global surplus [[^]](https://tradingeconomics.com/commodity/copper). Analysts indicate short-term support around $6.54 and resistance near $6.90, while consensus forecasts for 2026 generally range between $5.00 and $6.35 per pound, subject to macroeconomic factors [[^]](https://www.fxempire.com/forecasts/article/premium-copper-price-forecast-ai-and-china-stimulus-could-drive-rally-toward-8-1618669).

## Market Data

| Contract | Yes Bid | Yes Ask | Last Price | Volume | Open Interest |
| --- | --- | --- | --- | --- | --- |
| Above $6.39 | 99% | 100% | 99% | $174.83 | $101.93 |
| Above $6.42 | 98% | 99% | 99% | $15 | $10 |
| Above $6.45 | 98% | 99% | 99% | $8.95 | $5 |
| Above $6.48 | 93% | 94% | 97% | $387.08 | $378.71 |
| Above $6.51 | 86% | 87% | 86% | $1,501.95 | $968.6 |
| Above $6.54 | 82% | 83% | 82% | $1,608.87 | $887.81 |
| Above $6.57 | 82% | 83% | 85% | $2,800.37 | $861.94 |
| Above $6.60 | 71% | 72% | 71% | $1,406.49 | $1,076.74 |
| Above $6.63 | 35% | 38% | 22% | $1,612.24 | $1,256.34 |
| Above $6.66 | 24% | 27% | 27% | $2,031.75 | $868.2 |
| Above $6.69 | 17% | 21% | 28% | $1,432.58 | $589 |
| Above $6.72 | 12% | 13% | 12% | $766.41 | $445.53 |
| Above $6.75 | 8% | 9% | 11% | $406.7 | $318.38 |
| Above $6.78 | 6% | 10% | 19% | $366.17 | $240.53 |
| Above $6.81 | 4% | 8% | 6% | $562.86 | $475.98 |
| Above $6.84 | 2% | 6% | 7% | $737.55 | $732 |
| Above $6.87 | 2% | 5% | 21% | $406.29 | $400 |
| Above $6.90 | 1% | 5% | 13% | $7.25 | $7.25 |
| Above $6.93 | 2% | 5% | 8% | $10.4 | $10.4 |
| Above $6.96 | 1% | 5% | 3% | $5 | $5 |
| Above $6.99 | 1% | 5% | 3% | $96 | $91 |
| Above $7.02 | 1% | 5% | 2% | $6 | $6 |
| Above $7.05 | 1% | 5% | 3% | $5 | $5 |
| Above $7.08 | 1% | 4% | 2% | $5 | $5 |
| Above $7.11 | 0% | 3% | 1% | $5 | $5 |
| Above $7.14 | 0% | 2% | 1% | $5 | $5 |
| Above $7.17 | 0% | 2% | 1% | $5 | $5 |
| Above $7.20 | 0% | 2% | 1% | $5 | $5 |
| Above $7.23 | 0% | 2% | 1% | $5 | $5 |
| Above $7.26 | 0% | 2% | 1% | $5 | $5 |
| Above $7.29 | 0% | 1% | 0% | $0 | $0 |
| Above $7.32 | 0% | 1% | 0% | $0 | $0 |
| Above $7.35 | 0% | 1% | 0% | $0 | $0 |
| Above $7.38 | 0% | 1% | 0% | $0 | $0 |
| Above $7.41 | 0% | 1% | 0% | $0 | $0 |
| Above $7.44 | 0% | 10% | 0% | $0 | $0 |
| Above $7.47 | 0% | 10% | 0% | $0 | $0 |
| Above $7.50 | 0% | 10% | 0% | $0 | $0 |
| Above $7.53 | 0% | 10% | 0% | $0 | $0 |
| Above $7.56 | 0% | 10% | 0% | $0 | $0 |

## Which specific stimulus measures from the People's Bank of China in mid-2026 are most likely to influence industrial copper consumption ahead of the August 28 resolution date?

PBOC Monetary Policy | Moderately loose (mid-2026) [[^]](https://www.newsformal.com/economy/pboc-details-rate-cuts-and-new-relending-tools-after-47-growth)[[^]](https://www.newsformal.com/economy/chinas-pboc-keeps-policy-moderately-loose-vows-fresh-incremental-tools-in-h2-2026)[[^]](https://bingx.com/en/flash-news/post/pboc-signals-moderately-loose-policy-through-pledges-countercyclical-moves-without-floodlike-stimulus) |
Copper Price (Aug 26, 2026) | 6.60 USD/lb [[^]](https://www.fxempire.com/forecasts/article/premium-copper-price-forecast-ai-and-china-stimulus-could-drive-rally-toward-8-1618669)[[^]](https://tradingeconomics.com/commodity/copper) |
Copper All-Time High (Aug 2026) | 6.83 USD/lb [[^]](https://www.fxempire.com/forecasts/article/premium-copper-price-forecast-ai-and-china-stimulus-could-drive-rally-toward-8-1618669) |

**In mid-2026, the People's Bank of China implemented targeted monetary policy with specific structural tools**

In mid-2026, the People's Bank of China implemented targeted monetary policy with specific structural tools. The People's Bank of China (PBOC) adopted a moderately loose monetary policy, emphasizing targeted structural tools over broad stimulus measures. Significant initiatives included a 1 trillion yuan relending facility for private enterprises, merged bond risk-sharing instruments aimed at tech innovation, and the introduction of new liquidity tools such as an overnight reverse repo facility to enhance short-term rate control [[^]](https://www.newsformal.com/economy/pboc-details-rate-cuts-and-new-relending-tools-after-47-growth). The PBOC affirmed its commitment to providing stronger countercyclical support, explicitly stating it would avoid "flood-like" stimulus [[^]](https://bingx.com/en/flash-news/post/pboc-signals-moderately-loose-policy-through-pledges-countercyclical-moves-without-floodlike-stimulus).

Copper prices recently peaked, but stimulus link remains unspecified. As of August 26, 2026, copper was trading at 6.60 USD/lb, having previously reached an all-time high of 6.83 USD/lb earlier in August; the **$6.80** mark was identified as a critical resistance point [[^]](https://www.fxempire.com/forecasts/article/premium-copper-price-forecast-ai-and-china-stimulus-could-drive-rally-toward-8-1618669)[[^]](https://tradingeconomics.com/commodity/copper). While "China Stimulus" is noted as a potential factor for driving a copper rally towards **$8,** the research does not specify which of the mid-2026 stimulus measures are most likely to influence industrial copper consumption ahead of the August 28 resolution date [[^]](https://www.fxempire.com/forecasts/article/premium-copper-price-forecast-ai-and-china-stimulus-could-drive-rally-toward-8-1618669).

## What do Q2 and Q3 2026 inventory reports from the London Metal Exchange (LME) and COMEX indicate about the physical market tightness versus the projected global supply surplus?

Global Refined Copper Surplus (2026) | 96,000 tonnes (ICSG) [[^]](https://www.lmeinsight.com/why-record-copper-inventories-are-masking-a-global-squeeze/) |
COMEX Share of Exchange Inventory | Nearly 70% [[^]](https://www.lmeinsight.com/why-record-copper-inventories-are-masking-a-global-squeeze/)[[^]](https://www.mysteel.net/analysis/5130720-trending-non-us-copper-inventory-drained-and-prices-surge-on-tariff-outlook)[[^]](https://www.scrapmonster.com/news/copper/us-tariff-threat-upends-copper-surplus-as-prices-test-all-time-peak-2026-8-25/99867) |
Copper Price (August 26, 2026) | $6.60 per pound [[^]](https://www.coinrithm.com/en/prediction-markets/gemini/copper-price-on-august-28) |

**Global copper inventory surplus projections conflict with observed regional market tightness**

Global copper inventory surplus projections conflict with observed regional **market** tightness. Despite projections from the International Copper Study Group (ICSG) indicating a global refined copper surplus of 96,000 tonnes for 2026, Q2 and Q3 2026 inventory reports from the London Metal Exchange (LME) and COMEX reveal significant regional physical **market** tightness [[^]](https://www.lmeinsight.com/why-record-copper-inventories-are-masking-a-global-squeeze/). This tightness is largely due to aggressive stockpiling in U.S.-based COMEX warehouses, which now account for nearly **70%** of the total exchange inventory [[^]](https://www.lmeinsight.com/why-record-copper-inventories-are-masking-a-global-squeeze/)[[^]](https://www.mysteel.net/analysis/5130720-trending-non-us-copper-inventory-drained-and-prices-surge-on-tariff-outlook)[[^]](https://www.scrapmonster.com/news/copper/us-tariff-threat-upends-copper-surplus-as-prices-test-all-time-peak-2026-8-25/99867). Such actions, potentially driven by the anticipation of import tariffs, effectively "strand" metal within the U.S., thereby reducing its availability in non-U.S. markets [[^]](https://www.lmeinsight.com/why-record-copper-inventories-are-masking-a-global-squeeze/)[[^]](https://www.mysteel.net/analysis/5130720-trending-non-us-copper-inventory-drained-and-prices-surge-on-tariff-outlook)[[^]](https://www.scrapmonster.com/news/copper/us-tariff-threat-upends-copper-surplus-as-prices-test-all-time-peak-2026-8-25/99867).

LME inventory levels declined significantly, contributing to **market** backwardation. LME inventory levels experienced an approximately **49%** drop from their April highs during Q2 2026 [[^]](https://www.lmeinsight.com/why-record-copper-inventories-are-masking-a-global-squeeze/)[[^]](https://www.bloomberg.com/news/articles/2026-08-19/copper-holds-loss-as-deliveries-to-lme-mitigate-supply-crunch)[[^]](https://www.scrapmonster.com/news/copper/us-tariff-threat-upends-copper-surplus-as-prices-test-all-time-peak-2026-8-25/99867). While a slight rebound occurred in August, attributed to speculative inflows aimed at mitigating regional shortages, readily available ("on-warrant") stocks remain at historically low levels [[^]](https://www.lmeinsight.com/why-record-copper-inventories-are-masking-a-global-squeeze/)[[^]](https://www.bloomberg.com/news/articles/2026-08-19/copper-holds-loss-as-deliveries-to-lme-mitigate-supply-crunch)[[^]](https://www.scrapmonster.com/news/copper/us-tariff-threat-upends-copper-surplus-as-prices-test-all-time-peak-2026-8-25/99867). This scarcity of readily available metal has contributed to a steep backwardation in the copper **market** [[^]](https://www.lmeinsight.com/why-record-copper-inventories-are-masking-a-global-squeeze/)[[^]](https://www.bloomberg.com/news/articles/2026-08-19/copper-holds-loss-as-deliveries-to-lme-mitigate-supply-crunch)[[^]](https://www.scrapmonster.com/news/copper/us-tariff-threat-upends-copper-surplus-as-prices-test-all-time-peak-2026-8-25/99867).

Strong bullish momentum is driving copper prices upward. As of August 26, 2026, the copper price stood at **$6.60** per pound, with traders observing strong bullish momentum [[^]](https://www.coinrithm.com/en/prediction-markets/gemini/copper-price-on-august-28)[[^]](https://tradingeconomics.com/commodity/copper). **Market** participants assign a high **probability** of **91.5%** that the price will be **$6.54** or higher by August 28, 2026, at 5:00 PM EDT [[^]](https://www.coinrithm.com/en/prediction-markets/gemini/copper-price-on-august-28)[[^]](https://tradingeconomics.com/commodity/copper).

## How do the 2026 copper price forecasts from Chile's Cochilco and ING Group differ in their underlying assumptions about Chinese industrial demand and global mine output?

Cochilco 2026 Copper Price Forecast | US$5.95/lb [[^]](https://www.scrapmonster.com/news/copper/chiles-cochilco-raises-2026-copper-price-forecast-2026-8-19/99832) |
ING Group 2026 Copper Price Forecast | $11,500/t (approximately $5.22/lb) [[^]](https://think.ing.com/uploads/reports/Commodities_Outlook_2026.pdf)[[^]](https://think.ing.com/articles/copper-upside-building-on-tight-supply/)[[^]](https://www.tmgm.com/en-eu/analysis/market-news/article/copper-tight-supply-underpins-constructive-outlook-ing-202607281258) |
Cochilco 2026 China Copper Consumption | 16 million tonnes (57.6% of global demand) [[^]](https://www.scrapmonster.com/news/copper/chiles-cochilco-raises-2026-copper-price-forecast-2026-8-19/99832) |

**Cochilco and ING Group offer distinct 2026 copper price forecasts**

Cochilco and ING Group offer distinct 2026 copper price forecasts. Cochilco anticipates a higher average price of US**$5.95**/lb, attributing this to strong global demand and constrained supply [[^]](https://www.scrapmonster.com/news/copper/chiles-cochilco-raises-2026-copper-price-forecast-2026-8-19/99832). In contrast, ING Group forecasts **$11,500**/t (approximately **$5.22**/lb), emphasizing a mixed Chinese demand landscape and the necessity of sustained tight supply for price stability [[^]](https://think.ing.com/uploads/reports/Commodities_Outlook_2026.pdf)[[^]](https://think.ing.com/articles/copper-upside-building-on-tight-supply/)[[^]](https://www.tmgm.com/en-eu/analysis/**market**-news/article/copper-tight-supply-underpins-constructive-outlook-ing-202607281258).

Cochilco's higher price projection stems from robust global demand. The agency forecasts a **1.9%** increase in global demand, including a strong Chinese consumption projected to reach 16 million tonnes in 2026, comprising **57.6%** of total global demand [[^]](https://www.scrapmonster.com/news/copper/chiles-cochilco-raises-2026-copper-price-forecast-2026-8-19/99832). On the supply side, Cochilco anticipates constrained conditions, with global mine output projected at 23.5 million tonnes in 2026, a marginal **0.2%** increase from 2025 [[^]](https://www.scrapmonster.com/news/copper/chiles-cochilco-raises-2026-copper-price-forecast-2026-8-19/99832).

ING Group views Chinese demand with a nuanced perspective. Their outlook highlights weakness in the property sector counterbalanced by positive indicators in non-property areas like grid infrastructure and electric vehicles [[^]](https://think.ing.com/uploads/reports/Commodities_Outlook_2026.pdf)[[^]](https://think.ing.com/articles/copper-upside-building-on-tight-supply/)[[^]](https://www.tmgm.com/en-eu/analysis/**market**-news/article/copper-tight-supply-underpins-constructive-outlook-ing-202607281258). While specific figures for ING Group's global mine output or Chinese demand projections are not provided, their analysis underscores that continued tight supply will be a critical factor in supporting copper prices [[^]](https://think.ing.com/uploads/reports/Commodities_Outlook_2026.pdf)[[^]](https://think.ing.com/articles/copper-upside-building-on-tight-supply/)[[^]](https://www.tmgm.com/en-eu/analysis/**market**-news/article/copper-tight-supply-underpins-constructive-outlook-ing-202607281258).

## How would the implementation of new U.S. import tariffs on copper before August 2026 affect COMEX inventory levels and futures prices?

COMEX Copper Inventory | 675,185 metric tons (as of August 25, 2026) [[^]](https://www.reuters.com/business/us-tariff-threat-upends-copper-surplus-prices-test-all-time-peak-2026-08-25/)[[^]](https://www.kitco.com/news/article/2026-08-18/nearly-70-exchange-copper-sits-america-and-some-may-be-stranded-saxos)[[^]](https://www.fastmarkets.com/insights/us-copper-build-up-intensifies-on-tariff-risk-hotter-commodities/) |
Global Exchange Stock Share | Nearly 70% [[^]](https://www.kitco.com/news/article/2026-08-18/nearly-70-exchange-copper-sits-america-and-some-may-be-stranded-saxos) |
Copper Price Probability ($6.54/lb+) | 91.5% (as of August 28, 2026) [[^]](https://kalshi.com/markets/kxcopperw/copper-weekly-price/kxcopperw-26aug2817)[[^]](https://www.gemini.com/predictions/COPPER2608282100/copper-price-on-august-28)[[^]](https://www.coinrithm.com/en/prediction-markets/gemini/copper-price-on-august-28) |

**Anticipated U.S**

Anticipated U.S. copper tariffs have significantly increased COMEX inventory levels. While no new U.S. import tariffs on copper have been implemented before August 2026, **market** conditions are considerably influenced by the anticipation of potential U.S. tariffs, which are currently proposed for 2027 and 2028 [[^]](https://www.reuters.com/business/us-tariff-threat-upends-copper-surplus-prices-test-all-time-peak-2026-08-25/)[[^]](https://www.cnbc.com/2026/08/14/copper-trump-tariffs-metal-commodities-trade-war.html)[[^]](https://www.tmgm.com/tl/analysis/**market**-news/article/copper-tariff-driven-arbitrage-reshapes-comex-lme-spread-societe-generale-202608101137)[[^]](https://www.reuters.com/markets/commodities/trumps-copper-tariffs-wont-lift-us-output-will-boost-costs-2025-07-10/)[[^]](https://www.kpler.com/blog/us-copper-tariffs---near-term-covered-no-self-sufficiency-before-2035). This anticipation has resulted in a substantial influx of refined copper into COMEX warehouses, leading to record inventory levels of approximately 675,185 metric tons as of August 25, 2026 [[^]](https://www.reuters.com/business/us-tariff-threat-upends-copper-surplus-prices-test-all-time-peak-2026-08-25/)[[^]](https://www.kitco.com/news/article/2026-08-18/nearly-70-exchange-copper-sits-america-and-some-may-be-stranded-saxos)[[^]](https://www.fastmarkets.com/insights/us-copper-build-up-intensifies-on-tariff-risk-hotter-commodities/). These inventories account for nearly **70%** of the total visible global exchange copper stocks [[^]](https://www.kitco.com/news/article/2026-08-18/nearly-70-exchange-copper-sits-america-and-some-may-be-stranded-saxos).

Traders exploit arbitrage by shipping copper, widening the COMEX-LME price spread. Traders are employing an arbitrage strategy to ship copper into the U.S. in advance of the feared future tariffs, a move that has widened the premium of COMEX copper futures over London Metal Exchange prices [[^]](https://www.reuters.com/business/us-tariff-threat-upends-copper-surplus-prices-test-all-time-peak-2026-08-25/)[[^]](https://www.cnbc.com/2026/08/14/copper-trump-tariffs-metal-commodities-trade-war.html)[[^]](https://www.tmgm.com/tl/analysis/**market**-news/article/copper-tariff-driven-arbitrage-reshapes-comex-lme-spread-societe-generale-202608101137).

Arbitrage tightens global supply, supporting elevated prices despite no shortage. This arbitrage strategy has inadvertently tightened copper supply in the rest of the world, thereby supporting elevated prices despite a lack of global shortage [[^]](https://www.reuters.com/business/us-tariff-threat-upends-copper-surplus-prices-test-all-time-peak-2026-08-25/)[[^]](https://www.cnbc.com/2026/08/14/copper-trump-tariffs-metal-commodities-trade-war.html)[[^]](https://www.tmgm.com/tl/analysis/**market**-news/article/copper-tariff-driven-arbitrage-reshapes-comex-lme-spread-societe-generale-202608101137)[[^]](https://www.reuters.com/markets/commodities/trumps-copper-tariffs-wont-lift-us-output-will-boost-costs-2025-07-10/)[[^]](https://www.kpler.com/blog/us-copper-tariffs---near-term-covered-no-self-sufficiency-before-2035). Prediction markets reflect this optimism, with Gemini prediction markets indicating a **91.5%** **probability** of copper prices being **$6.54** per pound or higher as of August 28, 2026 [[^]](https://kalshi.com/markets/kxcopperw/copper-weekly-price/kxcopperw-26aug2817)[[^]](https://www.gemini.com/predictions/COPPER2608282100/copper-price-on-august-28)[[^]](https://www.coinrithm.com/en/prediction-markets/gemini/copper-price-on-august-28).

## Does recent manufacturing and construction data from mid-2026 support the high-demand forecasts for copper driven by the energy transition and AI infrastructure buildout?

Data Center Copper Demand (2026) | 475k tonnes [[^]](https://skillings.net/copper-market-outlook-august-2026-grid-upgrades-data-centers-and-structural-price-floors/)[[^]](https://www.spglobal.com/en/research-insights/special-reports/copper-in-the-age-of-ai)[[^]](https://www.kpler.com/blog/copper-the-perfect-squeeze) |
LME Cash Copper Price | approaching $14,500/tonne [[^]](https://www.fxstreet.com/news/copper-supply-setbacks-push-market-into-deficit-commerzbank-202608251345)[[^]](https://kelo.com/2026/08/25/analysis-us-tariff-threat-upends-copper-surplus-as-prices-test-all-time-peak/)[[^]](https://www.tradingkey.com/analysis/commodities/metal/262132881-comex-copper-15000-rally-outlook-hg-tradingkey) |
COMEX Copper Futures Price | testing $6.90-$7.00/lb [[^]](https://www.fxstreet.com/news/copper-supply-setbacks-push-market-into-deficit-commerzbank-202608251345)[[^]](https://kelo.com/2026/08/25/analysis-us-tariff-threat-upends-copper-surplus-as-prices-test-all-time-peak/)[[^]](https://www.tradingkey.com/analysis/commodities/metal/262132881-comex-copper-15000-rally-outlook-hg-tradingkey) |

**Copper demand forecasts are strongly supported by AI and grid expansion**

Copper demand forecasts are strongly supported by AI and grid expansion. Recent manufacturing and construction data from mid-2026 indicate persistent demand from grid modernization and AI infrastructure provides structural support for copper [[^]](https://skillings.net/copper-**market**-outlook-august-2026-grid-upgrades-data-centers-and-structural-price-floors/)[[^]](https://www.spglobal.com/en/research-insights/special-reports/copper-in-the-age-of-ai)[[^]](https://www.kpler.com/blog/copper-the-perfect-squeeze). The crucial role of infrastructure for artificial intelligence necessitates materials like copper. Data center demand for copper is projected to grow substantially, increasing from approximately 110k tonnes in 2025 to about 475k tonnes in 2026 [[^]](https://skillings.net/copper-**market**-outlook-august-2026-grid-upgrades-data-centers-and-structural-price-floors/)[[^]](https://www.spglobal.com/en/research-insights/special-reports/copper-in-the-age-of-ai)[[^]](https://www.kpler.com/blog/copper-the-perfect-squeeze)[[^]](https://www.youtube.com/watch?v=xWygany45KY)[[^]](https://www.youtube.com/watch?v=bmJRC4ZPfJg).

Copper prices are at record highs due to supply disruptions. As of August 26, 2026, LME cash prices are approaching **$14,500**/tonne, while COMEX futures are testing the **$6.90**-**$7.00**/lb range, reflecting near record highs [[^]](https://www.fxstreet.com/news/copper-supply-setbacks-push-**market**-into-deficit-commerzbank-202608251345)[[^]](https://kelo.com/2026/08/25/analysis-us-tariff-threat-upends-copper-surplus-as-prices-test-all-time-peak/)[[^]](https://www.tradingkey.com/analysis/commodities/metal/262132881-comex-copper-15000-rally-outlook-hg-tradingkey). These elevated prices are primarily driven by U.S. tariff arbitrage, supply chain disruptions in regions such as the DRC and Indonesia, and low global exchange inventories. The prediction **market** for copper prices on August 28, 2026, is expected to settle near these current high levels, influenced by short-term macroeconomic data and **market** reactions to tariff changes [[^]](https://www.fxstreet.com/news/copper-supply-setbacks-push-**market**-into-deficit-commerzbank-202608251345)[[^]](https://kelo.com/2026/08/25/analysis-us-tariff-threat-upends-copper-surplus-as-prices-test-all-time-peak/)[[^]](https://www.tradingkey.com/analysis/commodities/metal/262132881-comex-copper-15000-rally-outlook-hg-tradingkey).

## What Could Change the Odds

**Key market catalysts include uncertainty over potential U.S.** import tariffs, which are draining global inventories as traders prioritize shipments to the U.S. [[^]](https://cryptoupdate.io/2026/08/25/copper-price-forecast-2026-3/)[[^]](https://srnnews.com/analysis-us-tariff-threat-upends-copper-surplus-as-prices-test-all-time-peak/)[[^]](https://kelo.com/2026/08/25/analysis-us-tariff-threat-upends-copper-surplus-as-prices-test-all-time-peak/). This compounds ongoing supply disruptions in Chile, Peru, and the DRC [[^]](https://cryptoupdate.io/2026/08/25/copper-price-forecast-2026-3/), against a backdrop of structural supply deficits [[^]](https://tradingeconomics.com/commodity/copper).

**A major upcoming catalyst is the release of China's PMI data, scheduled for August 31, 2026, which is expected to influence market sentiment regarding industrial demand [[^]](https://www.macroagentdesk.com/insights/copper-cot-positioning-this-week-2026-08-23/).** Other factors driving **market** volatility and uncertainty include CME Group warehouse stock reports, Chinese Purchasing Managers' Index (PMI) data, and volatility derived from implied **market** expectations [[^]](https://www.cmegroup.com/openmarkets/metals/2026/Three-Forces-Shaping-Coppers-Path-Forward.html). Additionally, potential surpluses, Chinese stimulus measures, and Federal Reserve policy continue to influence price movements [[^]](https://www.cmegroup.com/openmarkets/metals/2026/Three-Forces-Shaping-Coppers-Path-Forward.html).

## Key Dates & Catalysts

- **Strike Date:** August 28, 2026
- **Expiration:** September 04, 2026
- **Closes:** August 28, 2026

## Decision-Flipping Events

- Key **market** catalysts include uncertainty over potential U.S.
- Import tariffs, which are draining global inventories as traders prioritize shipments to the U.S.
- [^] [^] [^] .
- This compounds ongoing supply disruptions in Chile, Peru, and the DRC [^] , against a backdrop of structural supply deficits [^] .

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## Historical Resolutions

**Historical Resolutions:** 20 markets in this series

**Outcomes:** 0 resolved YES, 20 resolved NO

**Recent resolutions:**

- KXCOPPERW-26AUG2117-T7.56: NO (Aug 21, 2026)
- KXCOPPERW-26AUG2117-T7.53: NO (Aug 21, 2026)
- KXCOPPERW-26AUG2117-T7.50: NO (Aug 21, 2026)
- KXCOPPERW-26AUG2117-T7.47: NO (Aug 21, 2026)
- KXCOPPERW-26AUG2117-T7.44: NO (Aug 21, 2026)

## Disclaimer

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We are not affiliated with Kalshi or any prediction market platform. Market data may be delayed or incomplete.

### Data Sources & Model Transparency

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**Freshness:** Analysis is generated periodically and may not reflect the latest developments. Verify critical information from primary sources.

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