Copper wire prices rose again in Q3 2026, and the more interesting story is where the copper went.
US COMEX warehouses reached a record 696,000+ tonnes of copper as traders brought in metal ahead of tariff changes. That drew supply away from the rest of the world. In Malaysia, copper wire rose 11.81% to about USD 14,739/MT CFR Klang, more than twice the US increase of 5.53% to about USD 28,939/MT CFR San Diego.
For cable and wire makers in Asia, this is a supply problem as much as a price problem.
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Why copper wire prices matter
Copper wire is used in many parts of the modern economy:
- Power grids and transmission cables
- Data centres, which need large amounts of power and cooling
- Electric vehicles and wiring harnesses
- Construction, for building wiring
- Telecoms and 5G
Most of these sectors are growing at the same time, so demand is strong and supply problems quickly raise prices.
Q3 2026 at a glance (average price, change vs Q2)
🇲🇾 Malaysia (0.2 inch, CFR Klang): USD 14,738.67/MT, +11.81%
🇺🇸 United States (0.2 inch, CFR San Diego): USD 28,939.33/MT, +5.53%
🇪🇺 Europe: price index rose, with an upward Q4 outlook
A year of steady increases
United States:
- Q4 2025: USD 23,995/MT
- Q1 2026: USD 24,919/MT (+3.85%)
- Q2 2026: USD 27,423/MT (+10.05%)
- Q3 2026: USD 28,939/MT (+5.53%), about 21% higher than Q4 2025
Malaysia:
- Q1 2026: USD 11,704/MT (+3.92%)
- Q2 2026: USD 13,182/MT (+12.63%)
- Q3 2026: USD 14,739/MT (+11.81%), about 26% higher than Q1
Malaysia has risen faster than the US for two quarters in a row.
United States: the stockpile
US prices rose 5.53% as tariff-related import buying pulled copper into American warehouses:
- Record COMEX stocks: Inventories passed 696,000 tonnes, which reduced seaborne supply elsewhere and supported US premiums.
- Tariffs and freight: Higher tariffs and new freight surcharges raised landed costs, and traders brought shipments forward.
- Grid spending: Utilities sped up purchases for grid modernisation, increasing conductor orders.
- Port problems: Congestion and demurrage at San Diego added to delivery costs.
- Lower Chinese output: Chinese wire rod mills ran at reduced rates in August, limiting export cargoes.
Malaysia and Asia: the shortage
Malaysia rose 11.81% as supply tightened across Southeast Asia:
- Smelter outage: The Gresik outage reduced Indonesian cathode exports and tightened regional supply.
- Concentrate shortage: A global shortage of copper concentrate and lower bonded stocks reduced rod availability.
- Port congestion: Long vessel waiting times at Port Klang raised landed costs.
- Higher freight: Higher intra-Asia freight and limited container space increased costs.
- Strong demand: New projects, data centre tenders and power grid contracts kept cable demand high, letting suppliers pass on higher costs.
In South Korea, metal moving into US warehouses drained Asian stocks and raised FOB premiums. Very low treatment and refining charges (TC/RC) and high LNG-linked power costs also increased conversion costs. In Thailand, the concentrate shortage pushed smelters to pay more, and higher freight from Shanghai raised import costs.
The outlook for Malaysia is consolidation in October, as buyers resist further restocking at current prices.
Europe: less import supply
European prices also rose. Some imported wire rod was sent to the US instead because of tariff-related buying, which reduced supply in Rotterdam and Antwerp. Higher electricity and gas costs for rod mills, and higher freight and insurance, increased costs. Grid upgrades and renewable connection projects in Germany, France and the Benelux kept orders strong. Mills ran cautiously, and the Q4 outlook is upward.
What this means for buyers
1. US trade policy affects copper prices everywhere. Tariff-related stockpiling in the US is reducing supply for buyers in Asia and Europe.
2. Asian buyers face the largest increases. Malaysia’s 26% rise since Q1 is larger than the US increase. Cable makers across Asia should expect continued pressure on costs.
3. Smelter and port problems add up. The Gresik outage, Port Klang congestion and high freight together had a large effect on prices.
4. Demand is unlikely to fall soon. Data centres, grid upgrades and EVs depend on long-term investment, not short-term cycles.
Questions procurement teams should be asking now
- If tariff-related buying in the US slows, how quickly could Asian prices ease?
- Is the Gresik smelter back to normal output?
- Should we fix Q4 volumes now, or wait for the expected pause in October?
- How much are freight and port delays adding to our landed cost?
How ChemAnalyst helps
ChemAnalyst tracks prices, market news and supply and demand for more than 1,000 commodities, including copper wire, copper rod and cathode. Our analysts in Houston, Cologne and New Delhi, supported by ground teams at over 50 major trading ports, provide:
- ✅ Weekly price updates for Asia, the US and Europe
- ✅ Explanations of why prices moved, not just the numbers
- ✅ Price forecasts to help you time purchases
- ✅ Plant shutdown tracking, such as smelter outages, to flag supply risks early
Track copper weekly, not quarterly: book a free demo
In a short, free demo, we will show you weekly copper wire prices by region, the effect of US stockpiling on Asian supply, and the Q4 outlook. No commitment is required.
📊 Read the full copper wire price overview: https://www.chemanalyst.com/Pricing-data/copper-wire-1359
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