Copper hit a brand new file excessive this week as crypto merchants targeted on the surge in silver and gold. Nonetheless, 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 value transfer in ways in which complicate the concept 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 worth copper immediately, but copper’s proximity to information can feed a cross-asset “all the things up” framing.
Gold and silver have made comparable strikes, however many of the consideration continues to be parked on the same old “safe-haven” commerce.
Copper is the one flying underneath the radar, and that issues as a result of it’s much less about concern and extra about real-world demand, the place any signal of persistent worth strain can feed straight into charge expectations and, by extension, crypto liquidity.
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Copper’s climb might reprice inflation expectations, and crypto liquidity
That framing sharpens the controversy round how persistent inflation might be, the place actual charges are headed, and the way quickly the Fed can ease coverage, all elements that additionally form the outlook for Bitcoin (BTC).
That debate has stayed unresolved within the Fed’s personal messaging.
Minneapolis Fed President Neel Kashkari stated inflation may very well be round 2.5% by the top of 2026, then added, “The query is, is it going to be two and a half p.c by the top of the yr…? I don't know”.
Charges expectations for 2026 have additionally turn out to be much less settled in market commentary, which issues for bitcoin and different liquid tokens that may commerce as long-duration danger when actual yields transfer.
Fee cuts in 2026 appeared like a foregone conclusion earlier, whereas including that J.P. Morgan Chief Economist Michael Feroli stated he doesn’t anticipate the Fed to make any cuts this yr.
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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 Avenue Journal reported Amazon signed a two-year settlement with Rio Tinto associated to the Nuton/Johnson Camp copper venture.
The report positioned the deal within the context of file 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 monetary situations.
If copper power is learn as demand holding up whereas provide stays constrained, merchants can convey ahead “larger for longer” situations, which might strain leverage and weaken the bid for duration-sensitive danger.
That may occur even when spot flows and protocol-specific catalysts complicate the connection throughout large-cap tokens reminiscent of Ethereum (ETH).
If disinflation resumes into late 2026, Kashkari’s personal uncertainty leaves room for alleviating expectations to re-enter costs.
That may chill out real-rate strain that has been a recurring headwind for crypto.
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COMEX alerts reveal shifting cross-asset positioning and danger 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 retaining publicity on fairly 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 stay take a look at of whether or not “actual financial system” tightness or a softer inflation observe dominates the 2026 charges narrative.
Merchants searching for affirmation might be pressured again to the identical scoreboard throughout belongings: 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.
The submit Overlook silver, Copper’s AI-fueled explosion exposes a “larger for longer” lure that almost all crypto merchants are ignoring appeared first on CryptoSlate.