Copper's physical market is showing signs of an increasingly severe supply squeeze even as mining equities remain cautious, according to RBC Capital Markets. Spot copper advanced 4.3% to US$6.73/lb over the week while copper equities fell 2.6%, widening the disconnect between the commodity and producers.
Copper has spent 2026 rewriting its own history books. In early August, the metal pushed above $14,300 per tonne on the London Metal Exchange, a fresh all-time high extending a rally few expected to run this far, this fast.
The price premium between U.S. COMEX copper futures and London Metal Exchange prices is becoming a real-time gauge of potential tariffs on refined copper. Societe Generale estimates that the current premium implies a 14.6% chance of a 15% tariff in January 2027 and a 37% chance of a 30% duty in January 2028.
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
| BZ Brandon Zatopek Commonwealth Equity Services LLC | 12,878 | $485,890 | $513,832.2 | $27,942.2 | 5.75% |
| JD Jim Dushek HARBOUR INVESTMENTS Inc. | 1,465 | $43,950 | $58,922.3 | $14,972.3 | 34.07% |
| NA Nizar Araji National Bank Of Canada /FI/ | 65,900 | $2.32M | $2.63M | $314,552.77 | 13.58% |
Kyle P. Smith NewEdge Wealth LLC | 7,070 | $246,505.6 | $282,234.4 | $35,728.8 | 14.49% |
Larry Herold Herold Advisors Inc. | 10,800 | $270,540 | $427,248 | $156,708 | 57.92% |
| ARCA Exchange | US Country |
The fund is a specialized investment entity that focuses on achieving its investment objectives through strategic investments in copper futures contracts. Specifically, its goal is to mirror the performance of the Benchmark Component Copper Futures Contracts. These contracts are traded on the Commodity Exchange, Inc. (COMEX), which is a primary marketplace for trading commodities including metals. The fund's strategy involves constructing a portfolio that reflects the investment returns of copper futures, providing investors with exposure to the price movements of copper in the global commodities market.
This product is the core of the fund's investment strategy, involving futures contracts that are based on the price of copper. By investing in these contracts, the fund aims to replicate the performance and return profile of copper as a commodity, leveraging the fluctuations in copper prices for investment gains.
The SCI Portfolio is designed to capture the investment returns from a carefully selected portfolio of copper futures contracts traded on COMEX. This service aims to provide investors with a diversified exposure to copper as an investment asset, optimizing returns through strategic selection and management of futures contracts.