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

Wed, 21 Oct 2026 09:12:55 -0400

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.

Copper mill shapes and No. 1 copper scrap both set records in September 2026

Producer price indexes, copper and brass mill shapes (WPU102502, 1982=100) and No. 1 copper scrap (WPU10230101, Dec 1986=100), not seasonally adjusted, monthly since September 2016

Copper and brass mill shapes
No. 1 copper scrap

June through September 2026 are preliminary. The two indexes have different base periods, so the gap between the lines does not compare price levels. Source: fred.stlouisfed.org

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%.

Producer Price Index, copper and brass mill shapes, the last 13 months. June through September 2026 are preliminary.
Month	Index (1982=100)	Change on month (%)	Change on year (%)
2025-09	642.679	-4.46	3.2%
2025-10	669.846	4.23	5.5%
2025-11	691.209	3.19	6.5%
2025-12	712.565	3.09	11.8%
2026-01	747.384	4.89	15.7%
2026-02	765.227	2.39	16.3%
2026-03	767.059	0.24	22.2%
2026-04	774.287	0.94	21.3%
2026-05	809.775	4.58	28.5%
2026-06	809.086	0.09	26.9%
2026-07	802.06	-0.87	20.9%
2026-08	823.438	2.67	22.4%
2026-09	835.342	1.45	30.0%

Source: fred.stlouisfed.org

From scrap to cable

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

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.

Producer price indexes for copper scrap, mill shapes and wire, September 2025, August 2026 and September 2026. Each index has its own base period. 2026 values are preliminary.
Index	Base	September 2025	August 2026	September 2026	Change on month (%)	Change on year (%)
Copper and brass mill shapes	1982=100	642.679	823.438	835.342	1.4%	30.0%
No. 1 copper scrap	Dec 1986=100	573.694	848.847	854.661	0.7%	49.0%
No. 2 copper scrap	Dec 1986=100	873.524	1377.915	1396.218	1.3%	59.8%
Copper wire and cable	Dec 1986=100	464.522	602.663	607.705	0.8%	30.8%
Power wire and cable	Dec 1982=100	601.817	567.272	577.586	1.8%	-4.0%

Source: fred.stlouisfed.org

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%.

Scrap 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. Same scale on every panel.

No. 1 copper scrap (Sep 2024=100)

Copper and brass mill shapes (Sep 2024=100)

Copper wire and cable (Sep 2024=100)

Source: fred.stlouisfed.org

The world price

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.

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

Global price of copper, monthly average, U.S. dollars per metric ton, through July 2026

Source: International Monetary Fund, Primary Commodity Prices. Source: fred.stlouisfed.org

The tariff behind the year

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. 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.

Revisions to July and August

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.

July and August 2026 index values as published before and after the October 15, 2026 release. All values are preliminary.
Index	Month	Before October 15	October 15 release	Revision (%)
Copper and brass mill shapes	2026-07	785.472	802.06	2.11
Copper and brass mill shapes	2026-08	813.325	823.438	1.24
No. 1 copper scrap	2026-07	800.399	811.111	1.34
No. 1 copper scrap	2026-08	844.67	848.847	0.49
No. 2 copper scrap	2026-07	1355.426	1357.846	0.18
No. 2 copper scrap	2026-08	1374.829	1377.915	0.22
Copper wire and cable	2026-07	578.187	578.69	0.09
Copper wire and cable	2026-08	602.48	602.663	0.03
Power wire and cable	2026-07	554.216	549.097	-0.92
Power wire and cable	2026-08	536.495	567.272	5.74

Source: alfred.stlouisfed.org

What this means for a copper quote

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.
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.
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, and BLS can revise each month for four months after it first appears.

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.

The indexes are not seasonally adjusted, so the change on the year compares each month with the same month a year earlier.

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.

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.

Copper scrap | Shark Metals

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

From scrap to cable

The world price

The tariff behind the year

Revisions to July and August

What this means for a copper quote

Caveats