Mike McGlone: Copper hits record quarter-end as market signals possible peak

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03.10.2026

Mike McGlone: Copper hits record quarter-end as market signals possible peak — Copper sets record as market signals peak

Mike McGlone highlights that copper has reached its highest-ever quarter-end price, with open interest and CME inventories at notable levels compared to totals on CME, LME in London, and SHFE in China. He also points out that these market indicators, along with the S&P 500, may suggest that conditions for copper are about as good as they can get.

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McGlone has previously examined the impact of central bank rate hikes on metal prices, noting potential risks of post-inflation deflation in energy and metals markets. He also addressed how declining U.S. natural gas futures could put downward pressure on diesel and Treasury yields in a separate analysis (link). These earlier observations provide context for his outlook on copper's recent price action.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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