Market Updates

COPPER

This chart indicates futures only. Click here for a daily COMEX chart.

Copper has come down 13% from its all-time high last month and currently sits around $5.70. One thing remains constant with copper: uncertainty.

Contributing factors pushing pricing up:

  • Massive demand for artificial intelligence (AI)-related data center construction
  • Speculation of copper shortages and aging mines
  • Potential for copper tariffs towards the end of Q2

Factors keeping prices in check:

  • China demand for copper remains soft
  • Copper held in exchange warehouses hit over one million metric tonnes for the first time since 2003

We expect copper to continue to bounce around until the uncertainty of tariffs is determined. With China demand expected to stay soft and record-high inventories of copper in exchange warehouses, we do expect some softening of copper prices in the last half of the year assuming the 15% tariff does not go through.

ALUMINUM

The aluminum wire market is experiencing a slight softening, although the overall price of aluminum remains elevated. Despite these conditions, no major changes are expected in the near term.

STEEL

We have not seen much traction out of steel increases, but do expect manufacturers to continue to push them through due to the rise in steel.

Steel & Market Update - 1/19/26

February 18, 2026

Key Takeaways

Copper is taking a momentary breather after recent volatility, but the question remains—how long will the pause last? We expect copper prices to fluctuate until more clarity emerges around potential tariffs. Meanwhile, steel continues its steady climb, driven by persistent demand across key construction and infrastructure sectors. Manufacturer lead times remain consistent and the booming data center market shows no signs of slowing down. Now more than ever, proactive planning is essential. Get your upcoming projects in front of your Van Meter Sales Team early so we can partner with you to secure material and keep your timelines on track.

Maggie McGurk, Van Meter Inc.
Maggie McGurk
Commodities Manager
Van Meter Inc.
LEAD TIMES
Medium Voltage Cable - 35kv  40-44 weeks
Medium Voltage Cable - 15kv  22-26 weeks
Armored Cables 22-26 weeks
Tray Cable 6-8 weeks
PVC In stock or up to 6 weeks

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3M Cold Shrink Silicone Rubber Splices QS-III

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