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Copper|Service
Copper|Service
copper|service

Comex copper premium here to stay, LME executive says

27th November 2025

By: Reuters

  

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SHANGHAI - Copper prices on the US Comex exchange will enjoy a premium over the London Metal Exchange that is likely to persist over the next 18 months, an LME executive said on Thursday, citing uncertainties around copper tariffs in the United States.

“There is a persistent premium on the CME contract of 2 to 3% and I do think it is fair to say this is likely now a structural difference in the markets that is likely to persist,” said Robin Martin, Head of Market Development at LME, delivering a speech to the World Copper Conference Asia.

The divergence between CME and LME, driven by US tariffs, has drained LME inventories, and shifted copper stocks to COMEX sheds. US copper exchange inventories exceeded 400 000 short tons for the first time on Monday.

EXPAND ACCESS FOR CHINA

The LME is working to make its service more accessible for Chinese users, Martin said. The exchange is making significant efforts to accept offshore yuan as collateral and is collaborating with major Chinese banks to streamline the service, he said.

The LME executive added the exchange is also exploring accepting Chinese government bonds as eligible collateral in its clearinghouse.

Edited by Reuters

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