Kalshi Expands into Copper Futures and Partners with MLB Teams

Kalshi, a prediction market platform, is making significant strides by seeking approval from the Commodity Futures Trading Commission (CFTC) to launch a new copper perpetual futures contract. This proposed COPPERPERP contract aims to track the spot price of copper in U.S. dollars per pound, utilizing a price feed from the Pyth Network, a blockchain-based data oracle.

The COPPERPERP contract is designed as a cash-settled perpetual futures with no fixed expiration or delivery date. It will trade continuously on weekdays, and Kalshi plans to adopt the federal spot-month position limit from the copper contract offered by CME Group’s COMEX exchange. This move is intended to bring copper trading into a regulated environment that emphasizes trade surveillance and risk management.

In addition to its foray into copper futures, Kalshi has secured multi-year partnerships with five Major League Baseball teams: the Atlanta Braves, Boston Red Sox, Los Angeles Dodgers, San Diego Padres, and San Francisco Giants. These partnerships will provide Kalshi with significant brand visibility through LED stadium signage, digital promotions, and in-person fan events.

The Dodgers partnership is particularly notable, granting Kalshi naming rights to the Golden Glove Bar, further embedding the platform within the sports community. This expansion aligns with a reported 36x year-over-year increase in baseball trading volume on Kalshi, indicating a growing user base and market interest.

Kalshi's approach contrasts with its competitor Polymarket, which operates on blockchain infrastructure and has established a league-wide partnership with MLB. Kalshi, founded in 2018, positions itself as a CFTC-regulated event contract exchange, appealing to a more traditional finance audience.

Latest Developments in Copper Futures

• Copper prices on the London Metal Exchange reached $14,343 per metric ton on August 25, nearing the all-time high of $14,527.50.
• The surge in prices is attributed to the potential impact of US tariffs on refined copper imports, rather than a mine collapse or increased demand.
• COMEX inventories have soared to a record 675,185 metric tons due to a rush of metal into American warehouses, following 46 consecutive days of gains.
• US refined copper imports for the first half of 2026 were approximately 885,000 tons, marking a 3% increase year-on-year.
• The proposed tariffs would impose a 15% levy on refined copper imports starting January 1, 2027, escalating to 30% by 2028.
• The US Commerce Department has missed its deadline for advising on the phased tariff proposal, leading to increased stockpiling by traders and importers.
• The widening price spread between COMEX and LME copper contracts indicates ongoing stockpiling and tightening of non-US supply.
• Global mine supply remains adequate, but distribution issues are causing regional imbalances and driving prices higher.
• Monitoring the gap between COMEX and LME prices will be crucial, as it reflects the market's expectations regarding future tariffs and supply dynamics.