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Copper bars — 1 kg bullion copper
Number of products: 1Copper is not priced like a precious metal. The London Metal Exchange quotes it in US dollars per tonne, in lots of 25 tonnes, under the Grade A copper contract — where gold, silver, platinum and palladium are quoted per troy ounce.
One product here: a 1 kg copper bar from StoneX. What follows is the arithmetic of buying an industrial metal in one-kilogram pieces, because it works differently from silver.
Copper is an industrial contract, not a bullion market
The reference market for copper is the London Metal Exchange. Its Grade A copper contract has a lot size of 25 tonnes, is quoted in US dollars per tonne, settles physically and trades in daily, weekly and monthly prompt dates out to 123 months.
There is no equivalent of the LBMA or LPPM good delivery list for retail copper bars, because copper is not held as a monetary metal. That is not a criticism of the product — it is the reason the numbers below look the way they do.
What a kilogram of copper is worth, and what a copper bar costs
This is the part worth being blunt about. Copper is quoted per tonne because a kilogram of it is worth a small amount of money — a rounding error next to a kilogram of silver, let alone gold. The manufacturing cost of casting, stamping and packaging a 1 kg bar is essentially the same as for a 1 kg silver bar.
The consequence is that the premium over metal value on a retail copper bar is very large in percentage terms — larger than on any silver format. Someone buying a copper bar is not buying an efficient exposure to the copper price. They are buying a physical object: a display piece, a gift, or a tangible unit of a metal they follow.
Anyone whose objective is exposure to the copper price should understand that a retail bar is a poor instrument for it. Stating that plainly is more useful than not stating it.
Size and weight
Copper has a density of 8.96 g/cm³. A kilogram therefore occupies about 111.6 cm³ — more than a kilo of silver at 95.33 cm³, and more than twice a kilo of gold at 51.76 cm³. A 1 kg copper bar is a physically substantial object.
| Metal | Density | Volume of 1 kg | Quoted in |
|---|---|---|---|
| Copper | 8.96 g/cm³ | 111.6 cm³ | USD per tonne |
| Silver | 10.49 g/cm³ | 95.33 cm³ | USD per troy ounce |
| Gold | 19.32 g/cm³ | 51.76 cm³ | USD per troy ounce |
| Platinum | 21.45 g/cm³ | 46.62 cm³ | USD per troy ounce |
Tax
Copper carries VAT at the standard rate — 20 per cent in the United Kingdom, 23 per cent in Poland. The UK exemption in VAT Notice 701/21 applies to gold bullion and to nothing else, so copper is in the same position as silver, platinum and palladium.
There is no capital gains relief either. The UK exemption follows sterling legal tender and a bar is not currency. Statement of the published rules, not tax advice.
Questions buyers ask about copper bars
Why is a copper bar so much more expensive than the copper in it?
Because manufacturing a bar costs roughly the same whatever metal it holds, and copper is worth very little per kilogram. Add standard-rate VAT and the gap between the metal value and the shelf price is wider than for any other metal we sell.
Is a copper bar a good way to track the copper price?
No. The premium is far too large in percentage terms for a retail bar to follow the metal closely. A copper bar is a physical object rather than an efficient exposure.
How is copper quoted?
In US dollars per tonne on the London Metal Exchange, in lots of 25 tonnes under the Grade A copper contract. Precious metals are quoted per troy ounce.
How big is a 1 kg copper bar?
About 111.6 cm³ of metal — larger than a kilo of silver and more than twice the volume of a kilo of gold.
Does copper carry VAT?
Yes, at the standard rate: 20 per cent in the UK and 23 per cent in Poland. Only gold bullion is exempt.
Related pages
Copper price · Silver bars · Gold bars · Platinum and palladium · live metal prices.
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