Copper Price Per Pound Today

COMEX copper futures (HG) are quoted in US cents per pound, with each contract representing 25,000 pounds of copper. This contract specification makes COMEX the standard pricing benchmark for the North American copper market. A quote of 450.00 means $4.50 per pound, and the full contract value at that price would be $112,500. The minimum price fluctuation (tick size) is 0.0005 cents per pound, equal to $12.50 per contract. COMEX copper futures are physically deliverable, with approved warehouses located across the United States.

The per-pound pricing convention is primarily a U.S. phenomenon. The rest of the world typically references the London Metal Exchange, which quotes copper in US dollars per metric tonne. To convert from per-pound to per-metric-tonne pricing, multiply the per-pound price by 2,204.62 (the number of pounds in a metric tonne). Conversely, dividing the LME per-tonne price by 2,204.62 yields the per-pound equivalent. This conversion is essential for international traders and buyers who need to compare pricing across exchanges.

Understanding per-pound copper pricing is also important for the scrap copper market, which supplies approximately 35% of global copper demand. Scrap dealers in the United States quote all grades by the pound. Bare bright copper wire, the highest grade of scrap, typically sells for 90-95% of the COMEX spot price per pound. Number 1 copper scrap (clean, unsoldered pipe and tubing) trades at 85-92% of spot, while number 2 copper (mixed, painted, or soldered material) fetches 75-85%. Insulated copper wire is valued based on its estimated copper recovery percentage, which varies from 30-85% depending on the thickness and type of insulation. For contractors, electricians, and recyclers, tracking the per-pound copper price is essential for evaluating scrap value and making informed selling decisions.