COMEX vs Omega-Camden Copper Prices

COMEX vs Omega-Camden Copper Prices

COMEX vs Omega-Camden Copper Prices

Author: Kassie Teagarden, Senior Content Marketing Specialist, Lapp Tannehill

Copper is the third most consumed industrial metal in the world used in industries such as manufacturing, industrial, transportation, construction, and renewable energy.

Copper is ductile, malleable, excellent at conducting heat and electricity, and also has anti-microbial properties that make the metal popular in medical use cases.

Given the metal’s popularity its escalating value in the last several years, manufacturers, suppliers, and distributors are constantly keeping copper pricing up-to-date for their partners, share-holders, and customers.

So why are there two metal exchanges that everyone always talks about when they need to know where the current copper prices are at? Let’s take a look at COMEX vs Omega-Camden copper prices.

Copper Pricing Indexes: Camden & COMEX

The wire and cable market needs a reliable source for pricing information when it comes to copper, so most people turn to the COMEX Copper Index or the Omega-Camden Copper Index.

Although the two indexes are different, they are both seen as reliable sources for the most current copper prices.

The COMEX Index, owned by CME Group based in New York, is updated on a daily basis and can often be used as a benchmark to predict the future of other commodities.

The Omega-Camden Index, formerly known as the Camden Copper Base and also based in New York, is only updated twice per month via the International Wire Group (IWG).

Omega-Camden copper prices can be anywhere from $0.15-$0.20 higher per pound than COMEX copper prices due to the fact that Camden includes transportation and other production costs in their rates.

COMEX rates only reflect the price tag of copper produced at the mine and does not include additional expenses.

 Why Are Prices Skyrocketing in Wire & Cable Products?

So, what is the current price of copper?

Since copper pricing can be so varied and unpredictable, wire manufacturers and distributors oftentimes adjust copper prices on the day of sale. Take a look at this interactive chart found on Macrotrends LLC’s website that shows historical daily COMEX copper prices.

Brian Arickx, Lapp Tannehill’s Supply Chain Manager, says, “Copper is the talk of the wire and cable world right now - every manufacturer conversation these days includes discussing copper. Comex has spiked from $3.56 Feb 1st to $4.30 Feb 24th, resulting in close to a 10 year high for copper.

As a distribution partner, copper is a moving target, as every manufacturer accounts for copper differently. The most common copper update cadences I see include ‘updates 1st and 16th based on previous 15 day COMEX average’, ‘adjusts 1st and 16th based on point in time Camden’, or ‘updates monthly based on previous month average’.

To complicate copper further, most manufacturers also add a copper conversion rate to draw their copper rod down to stranding (fabrication cost). Lapp Tannehill's purchasing department pays close attention to copper and makes strategic buying decisions when we are close to a manufacture cost update, allowing us to keep costs as low as possible for our customers.”

 Check out these 4 Steps to Save on Wire and Cable Material Costs.

Reach out via our live chat on our site to find out pricing on a specific product you’re wondering about or shop our copper wire products now.



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