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FeatureCopper prices

Producer Price IndexCopper and brass mill shapes, WPU102502

September 2026, released October 15

Copper prices

Copper mill shape prices hit a record in September 2026, up 30.0% on the year

The producer price index for copper and brass mill shapes rose 1.4% in September 2026 to 835.342, a record and 30.0% above September 2025.

Mill shapes index, September 2026
835.3421982=100, preliminary, a record
From August
+1.4%August: 823.438
From September 2025
+30.0%Largest since November 2021
No. 1 copper scrap
+49.0%On the year, to a record 854.661
Chart 1Copper mill shapes and No. 1 copper scrap both set records in September 2026

Producer price indexes, not seasonally adjusted, monthly, September 2016 to September 2026. Mill shapes are on a 1982=100 base and No. 1 scrap on a December 1986=100 base, so the gap between the lines does not compare price levels.

Preliminary300400500600700800Index, each on its own base201720182019202020212022202320242025202650% copper tarifffrom Aug 1, 20252025 high, December712.565No. 1 copper scrap854.661Mill shapes835.342 Preliminary300400500600700800Index, each on its own base201720202023202650% tariffAug 2025Dec 2025 high712.565No. 1 scrap854.661Mill shapes835.342

Source: U.S. Bureau of Labor Statistics, series WPU102502 and WPU10230101, via FRED. June through September 2026 are preliminary. Download the data (CSV)

The Bureau of Labor Statistics producer price index for copper and brass mill shapes rose 1.4% in September 2026 to 835.342, the highest reading since the series began in December 1953. A producer price index tracks the prices U.S. producers receive for what they sell, here the shapes that U.S. copper and brass mills ship. The index stood 30.0% above September 2025, its largest gain on the year since November 2021. BLS released the September figure on October 15, and it is preliminary.

The scrap that feeds those mills rose faster. No. 1 copper scrap rose 0.7% in September to 854.661 and was 49.0% above a year earlier. Both indexes set records in September, and both have been above their 2025 highs in every month of 2026.

The mill shapes index has risen 17.2% since its December 2025 high

The mill shapes index has risen 17.2% since December 2025, when it reached 712.565, its high for that year. The index did not rise every month. It fell in June and July, then rose 2.7% in August and 1.4% in September. Over two years, from September 2024, it rose 34.1%.

Table 1The index fell in June and July, then rose 2.7% in August and 1.4% in September

Producer Price Index, copper and brass mill shapes (1982=100), the last 13 months, newest first.

MonthIndexChange on monthChange on year
Sep 2026P835.342+1.45%+30.0%
Aug 2026P823.438+2.67%+22.4%
Jul 2026P802.060−0.87%+20.9%
Jun 2026P809.086−0.09%+26.9%
May 2026809.775+4.58%+28.5%
Apr 2026774.287+0.94%+21.3%
Mar 2026767.059+0.24%+22.2%
Feb 2026765.227+2.39%+16.3%
Jan 2026747.384+4.89%+15.7%
Dec 2025712.565+3.09%+11.8%
Nov 2025691.209+3.19%+6.5%
Oct 2025669.846+4.23%+5.5%
Sep 2025642.679−4.46%+3.2%

P Preliminary. June through September 2026 are preliminary. Source: U.S. Bureau of Labor Statistics, WPU102502, via FRED. Download the table (CSV)

Four of the five copper indexes from scrap to cable set records in September

BLS publishes indexes along the chain from scrap to finished wire, and four of the five set records in September.

Chart 2No. 2 scrap rose 59.8% on the year, and power wire and cable fell 4.0%

Change in each producer price index from September 2025 to September 2026, in order from the scrap a mill buys to the cable a wire maker sells. Each index has its own base period.

StageChange from September 2025September 20260%20%40%60%No. 2 copper scrapDec 1986=100+59.8%1,396.218RecordNo. 1 copper scrapDec 1986=100+49.0%854.661RecordCopper and brass mill shapes1982=100+30.0%835.342RecordCopper wire and cableDec 1986=100+30.8%607.705RecordPower wire and cableDec 1982=100−4.0%577.586Below July 2025 recordSCRAPMILLWIRE Change from September 2025Sep 20260%20%40%60%No. 2 copper scrap1,396.218SCRAP, Dec 1986=100Record+59.8%No. 1 copper scrap854.661SCRAP, Dec 1986=100Record+49.0%Copper and brass mill shapes835.342MILL, 1982=100Record+30.0%Copper wire and cable607.705WIRE, Dec 1986=100Record+30.8%Power wire and cable577.586WIRE, Dec 1982=100Not a record−4.0%

Source: U.S. Bureau of Labor Statistics, series WPU10230102, WPU10230101, WPU102502, WPU10260314 and PCU3359293359291, via FRED. 2026 values are preliminary.

  • No. 2 copper scrap, the lower grade, rose 1.3% to a record 1,396.218 and was 59.8% above September 2025, the largest gain on the year of the five.
  • Copper wire and cable rose 0.8% to 607.705, a record for a series that begins in December 1986, and 30.8% above a year earlier.
  • Power wire and cable made from purchased nonferrous wire rose 1.8% to 577.586. That index is 4.0% below September 2025 and 14.2% below its record of 673.264 in July 2025.
Table 2The five indexes in September 2025, August 2026 and September 2026
Index and baseSep 2025Aug 2026Sep 2026On monthOn year
Copper and brass mill shapes1982=100642.679823.438835.342+1.4%+30.0%
No. 1 copper scrapDec 1986=100573.694848.847854.661+0.7%+49.0%
No. 2 copper scrapDec 1986=100873.5241,377.9151,396.218+1.3%+59.8%
Copper wire and cableDec 1986=100464.522602.663607.705+0.8%+30.8%
Power wire and cableDec 1982=100601.817567.272577.586+1.8%−4.0%

Each index has its own base period. 2026 values are preliminary. Source: U.S. Bureau of Labor Statistics, via FRED. Download the table (CSV)

Rebased to September 2024, No. 1 scrap rose 62.0% in two years, copper wire and cable 46.3% and mill shapes 34.1%, while power wire and cable fell 5.6%.

Chart 3Scrap rose 62.0% in two years, mill shapes 34.1%, and power cable fell 5.6%

Producer price indexes rebased so that September 2024 = 100, not seasonally adjusted, monthly to September 2026. The four panels share one scale; the gray lines in each panel are the other three indexes.

No. 1 copper scrap+62.0% in two years, to 162.080100120140160SEP 2024SEP 2025SEP 2026Copper and brass mill shapes+34.1% in two years, to 134.180100120140160SEP 2024SEP 2025SEP 2026Copper wire and cable+46.3% in two years, to 146.380100120140160SEP 2024SEP 2025SEP 2026Power wire and cable−5.6% in two years, to 94.480100120140160SEP 2024SEP 2025SEP 2026 No. 1 copper scrap+62.0% in two years, to 162.080100120140160SEP 2024SEP 2025SEP 2026Copper and brass mill shapes+34.1% in two years, to 134.180100120140160SEP 2024SEP 2025SEP 2026Copper wire and cable+46.3% in two years, to 146.380100120140160SEP 2024SEP 2025SEP 2026Power wire and cable−5.6% in two years, to 94.480100120140160SEP 2024SEP 2025SEP 2026

Source: U.S. Bureau of Labor Statistics, series WPU10230101, WPU102502, WPU10260314 and PCU3359293359291, via FRED, rebased. June through September 2026 are preliminary. Download the data (CSV)

The world copper price stood 38.6% above July 2025

The International Monetary Fund's Primary Commodity Prices put the global copper price at $13,542.82 per metric ton in July 2026, the latest month published, about $6.14 a pound. That is 38.6% above July 2025 and just under June's $13,552.04, the highest monthly average in the series on FRED, which starts in January 1992. The IMF price follows the London Metal Exchange cash price for copper, so it shows what refined copper costs worldwide, before U.S. duties.

Chart 4The global copper price reached $13,552 a metric ton in June 2026

Global price of copper, monthly average, U.S. dollars per metric ton, September 2024 to July 2026. The scale starts above zero.

8,0009,00010,00011,00012,00013,00014,000US dollars per metric ton20252026+38.6%on the yearJul 2025: $9,771June 2026, series high$13,552 8,00010,00012,00014,000US dollars per metric ton20252026+38.6%on the yearJul 2025: $9,771June high$13,552

Source: International Monetary Fund, Primary Commodity Prices, series PCOPPUSDM, via FRED. Download the data (CSV)

A 50% Section 232 copper tariff covers the whole year compared

The whole of the year compared here falls under the Section 232 copper tariff. Section 232 of the Trade Expansion Act of 1962 lets the president adjust imports that threaten national security.

  1. 50% tariff on imports of semi-finished copper products and intensive copper derivative products, under Proclamation 10962.

  2. Full customs value, regardless of metal content: 50% for most copper articles and 25% for those in a second annex, under Proclamation 11021.

  3. Commerce update on refined copper requested by the 2025 proclamation.

  4. 15% phased duty on refined copper, if the president decides on it.

  5. 30%, the second step of that phased duty.

Proclamation 10962 set a 50% tariff on imports of semi-finished copper products and intensive copper derivative products entered on or after August 1, 2025. Proclamation 11021 changed the regime from April 6, 2026. It applies the duty to the full customs value of an imported product, regardless of metal content, at 50% for most copper articles and 25% for the copper articles in a second annex. The 2025 proclamation also asked the Commerce Department for an update on refined copper by June 30, 2026, so the president could decide on a phased duty of 15% from January 1, 2027 and 30% from January 1, 2028.

These indexes measure prices and do not separate the effect of a duty from other causes.

The October 15 release raised July's mill shapes value by 2.11%

The October 15 release revised the four months before September. Copper and brass mill shapes for July went from 785.472 to 802.060, up 2.11%, and August went from 813.325 to 823.438, up 1.24%. The largest revision in the group was to power wire and cable for August, up 5.74% to 567.272.

Table 3Power wire and cable for August took the largest revision, up 5.74%

July and August 2026 index values as published before and after the October 15, 2026 release. All values are preliminary.

IndexMonthBefore Oct 15Oct 15 releaseRevision
Copper and brass mill shapesJul 2026785.472802.060+2.11%
Aug 2026813.325823.438+1.24%
No. 1 copper scrapJul 2026800.399811.111+1.34%
Aug 2026844.670848.847+0.49%
No. 2 copper scrapJul 20261,355.4261,357.846+0.18%
Aug 20261,374.8291,377.915+0.22%
Copper wire and cableJul 2026578.187578.690+0.09%
Aug 2026602.480602.663+0.03%
Power wire and cableJul 2026554.216549.097−0.92%
Aug 2026536.495567.272+5.74%

Source: Federal Reserve Bank of St. Louis, ALFRED vintage as published October 1, 2026, and FRED, from U.S. Bureau of Labor Statistics data. Download the table (CSV)

For buyers and estimators

What this means for a copper quote

  1. Escalation clause

    If a contract adjusts price by an index, name it by its full title and series code, such as "Producer Price Index for copper and brass mill shapes, WPU102502." State the base month, how often the price is adjusted, and whether the calculation uses the first-published value or the value after revisions. July's 2.11% revision would move an adjustment tied to that month by about the same share.

  2. Supplier quote

    Ask a supplier which copper price a quote for bar, tube or wire is built on, the date of that price, and how many days the quote holds. Exchange prices for copper are published daily by CME Group and the London Metal Exchange, and a supplier can tell you which one their price follows.

  3. Imported part

    On an imported part, ask whether the price includes the Section 232 duty and whether the part falls under the 50% or the 25% annex. Customs brokers and the annexes to Proclamation 11021 settle that, and a trade attorney can advise on a particular entry.

Caveats

Every value from June 2026 onward is preliminary

  1. Every value from June 2026 onward is preliminary, and BLS can revise each month for four months after it first appears.
  2. The indexes are national averages of what U.S. mills, scrap sellers and wire makers receive. They leave out the service center's markup, cutting, freight and any alloy or metal surcharge on a particular order, and they cover domestic producers, so they do not price an imported part after duty.
  3. The indexes are not seasonally adjusted, so the change on the year compares each month with the same month a year earlier.
  4. Each index has its own base period, so a higher number on one index does not mean a higher price than on another. Comparing them shows how fast each moved. It says nothing about how much copper goes into a product.
  5. The IMF price is a monthly average of a world benchmark in U.S. dollars per metric ton. September is not yet published in the series, so it runs two months behind the BLS data.