Copper is acting crazy. Honestly, if you walked into a scrap yard a year ago and today, you’d think you were looking at two different currencies.
As of January 16, 2026, the price of copper per lb today is hovering around $5.95 to $5.97 on the COMEX spot market. Just this morning, prices dipped slightly by about 1.7%, settling near $5.89 on some indices, but the broader trend is still pointed straight at the moon. We are looking at a market that has surged over 36% compared to this time last year.
It’s wild.
If you're trying to sell some old "bright and shiny" wire or you're a contractor bidding on a massive plumbing job, these numbers change your entire week. For the person at the recycling center, you're probably seeing #1 bare bright wire fetching close to $5.00/lb, while standard #1 copper tubing is sitting around $4.65/lb.
But why is this happening? And why does everyone seem so stressed about it?
Why the price of copper per lb today is hitting record levels
Most people think copper prices just follow the "economy." You know, houses get built, copper goes up. Houses stop, copper goes down. That old rule is basically dead.
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We’ve hit what analysts at companies like Goldman Sachs and JPMorgan are calling a "structural inflection point." Basically, we aren't just using copper for pipes anymore. We are using it for everything that makes the modern world run.
The AI and Data Center Explosion
Artificial Intelligence isn't just code in the cloud. It's physical hardware. Massive data centers are popping up everywhere, and they are essentially giant copper sponges. They need miles of high-efficiency cabling and massive cooling systems to keep the processors from melting. In 2026, data center construction is up 30% year-over-year, and each one uses a staggering amount of the red metal.
The EV Reality Check
You've probably heard that electric vehicles (EVs) use more copper than gas cars. But the scale is what's shocking. A standard internal combustion engine car uses about 20kg of copper. A battery-powered EV? You’re looking at 80kg to 100kg. That is four to five times the copper per vehicle. With EV production scaling globally, the "price of copper per lb today" isn't just a number—it’s a reflection of a massive supply-demand gap.
Supply shocks: Why we can't just mine more
You can’t just flip a switch and get more copper. It takes about 20 to 30 years to get a new mine from discovery to production. Seriously.
Right now, the world's biggest producers are struggling.
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- Grasberg (Indonesia): A massive mudflow disaster late last year knocked out nearly 4% of global output. They are still under "force majeure" and won't be back to 100% until 2027.
- Kamoa-Kakula (DRC): Severe flooding in Africa has delayed major expansion projects.
- Chile & Peru: The "old reliable" mines are dealing with declining ore grades. They are digging up more rock just to get less metal.
When you combine these supply disasters with the "front-loading" we're seeing—where companies buy up copper now because they fear 25% tariffs coming later this year—you get the volatility we’re seeing this Friday.
What it means for your wallet (and your scrap)
If you’re a plumber or an electrician, you’ve probably noticed your material costs are eating your margins. If you aren't adjusting your quotes weekly, you're losing money.
On the flip side, if you've got a pile of scrap in the garage, now is a pretty good time to move it. Here is a rough breakdown of what actual scrap yards are paying right now (though local prices vary):
- #1 Bare Bright Wire: ~$5.00 per lb
- #1 Copper Tubing: ~$4.65 per lb
- #2 Copper (with some solder/paint): ~$4.10 per lb
- Insulated Copper Wire (high recovery): ~$1.80 - $2.10 per lb
- Sealed Units (fridges/AC): ~$0.22 per lb
Honestly, it's a bit of a gamble. Some experts, like Eoin Dinsmore at Goldman Sachs, think we might see a correction down to $5.00/lb by the end of the year as high prices force manufacturers to switch to aluminum. Others think the deficit is too deep and we'll see $7.00/lb before we see $4.00 again.
Actionable insights for the current market
If you are dealing with copper—whether for business or as an investment—waiting for "normalcy" might be a mistake.
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Watch the LME and COMEX inventories. If warehouse stocks start to rise, that’s your signal that the price might cool off. If they keep dropping, buckle up.
For contractors: Switch to "live" pricing on your bids. Do not guarantee a copper-heavy quote for more than 48-72 hours. The volatility is just too high to eat that risk yourself.
For scrappers: Separate your copper meticulously. Mixing #1 and #2 tubing will cost you 50 cents a pound. At today’s prices, that’s a lot of beer money left on the table.
The price of copper per lb today is a story of a world trying to go green and digital at the same time, and realizing we might not have enough wire to do it. It’s messy, it’s expensive, and it isn't slowing down anytime soon.
Keep an eye on the June 2026 tariff recommendations from the U.S. Commerce Secretary. That’s the next big "boom or bust" moment for the market. Until then, treat copper like gold—because that's exactly how the market is behaving.