Copper hit a brand new document excessive this week as crypto merchants targeted on the surge in silver and gold. Nevertheless, copper’s rise might really shift the speed path that underpins the market’s liquidity narrative.
The all-time excessive for copper is now round $6.06 per pound as of Wednesday, Jan. 14.
Futures exercise has tracked the worth transfer in ways in which complicate the thought of a one-session burst.
An COMEX replace posted Jan. 15, 2026, reported estimated quantity of 74,332 contracts, down from 83,265.
Open curiosity rose to 269,825, up 3,588.
| Market | Timestamp (ET) | Estimated quantity | Open curiosity |
|---|---|---|---|
| COMEX copper futures | Jan. 15, 2026, 10:00 a.m. | 74,332 (down from 83,265 prior session) | 269,825 (up 3,630) |
Crypto markets don’t value copper straight, but copper’s proximity to data can feed a cross-asset “every little thing up” framing.
Gold and silver have made related strikes, however a lot of the consideration continues to be parked on the same old “safe-haven” commerce.
Copper is the one flying below the radar, and that issues as a result of it’s much less about worry and extra about real-world demand, the place any signal of persistent value stress can feed straight into fee expectations and, by extension, crypto liquidity.
Copper’s climb might reprice inflation expectations, and crypto liquidity
That framing sharpens the controversy round how persistent inflation shall be, the place actual charges are headed, and the way quickly the Fed can ease coverage, all components that additionally form the outlook for Bitcoin (BTC).
That debate has stayed unresolved within the Fed’s personal messaging.
Minneapolis Fed President Neel Kashkari mentioned inflation could possibly be round 2.5% by the tip of 2026, then added, “The query is, is it going to be two and a half p.c by the tip of the yr…? I do not know”.
Charges expectations for 2026 have additionally turn into much less settled in market commentary, which issues for bitcoin and different liquid tokens that may commerce as long-duration threat when actual yields transfer.
Fee cuts in 2026 seemed like a foregone conclusion earlier, whereas including that J.P. Morgan Chief Economist Michael Feroli mentioned he doesn’t count on the Fed to make any cuts this yr.
Copper’s AI-fueled rally runs into Fed uncertainty
Copper’s rally intersects with a company procurement story tied to AI infrastructure buildouts.
The Wall Road Journal reported Amazon signed a two-year settlement with Rio Tinto associated to the Nuton/Johnson Camp copper undertaking.
The report positioned the deal within the context of document copper costs, provide considerations, and knowledge middle demand.
For crypto, the near-term translation is much less about copper as a hedge and extra about how a commodity-led inflation story can alter the anticipated path of economic circumstances.
If copper energy is learn as demand holding up whereas provide stays constrained, merchants can carry ahead “increased for longer” situations, which might stress leverage and weaken the bid for duration-sensitive threat.
That may occur even when spot flows and protocol-specific catalysts complicate the connection throughout large-cap tokens equivalent to Ethereum (ETH).
If disinflation resumes into late 2026, Kashkari’s personal uncertainty leaves room for relieving expectations to re-enter costs.
That may chill out real-rate stress that has been a recurring headwind for crypto.
COMEX alerts reveal shifting cross-asset positioning and threat urge for food
The COMEX snapshot additionally carries a narrower lesson for cross-asset positioning.
Open curiosity rising as quantity fell, can align with merchants maintaining publicity on slightly than biking via one-day momentum.
Open curiosity alone, nevertheless, can not separate new longs from new shorts with out extra positioning knowledge.
For now, copper’s record-high zone is appearing as a dwell check of whether or not “actual economic system” tightness or a softer inflation observe dominates the 2026 charges narrative.
Merchants in search of affirmation shall be compelled again to the identical scoreboard throughout property: copper’s stage relative to its January peak on Buying and selling Economics and the Fed’s tolerance for inflation outcomes which will nonetheless land above goal by year-end.
