Electrification metals · live
Copper to Silver Ratio
The copper to silver ratio is 0.09588 — copper at $6.59 per pound divided by silver at $68.73 per troy ounce. The inverse, 10.43, is how many pounds of copper an ounce of silver buys.
Both metals are conductors bought largely by the same industries, which makes this a narrower and more specific comparison than either against gold.
Prices as of Aug 24, 2026, 9:27 AM UTC. Change either side of the calculator to price any other pair, or read the unit reference for how cross-unit ratios should be read.
Copper Futures to Silver ratio
1.000 Lb of copper futures = 0.09588 T.oz of silver
Inverse (XAG/HG-FUT): 10.43 — one Troy Ounce of silver buys that much copper futures.
Close to the middle of its 1 year range. (61th percentile of the last 1 year)
Copper Futures
$6.59
per Pound
Silver
$68.73
per Troy Ounce
Unit basis: USD per Pound ÷ USD per Troy Ounce. The ratio reads as Troy Ounces of silver per Pound of copper futures. Prices as of Mon, 24 Aug 2026 09:27:40 GMT.
1Y average
0.08797
median 0.08562
1Y low
0.04863
Jan 29, 2026
1Y high
0.1189
Aug 24, 2025
Normal band
0.07296–0.1030
mean ± 1 std dev
Deviation from mean
+0.53σ
333 observations
Copper Futures to Silver ratio charts
Pick a range once — it applies to the HG-FUT/XAG ratio line, the OHLC candles and the Copper Futures / Silver price chart below.
HG-FUT/XAG ratio line
How many T.oz of Silver one Lb of Copper Futures buys, over 1Y.
HG-FUT/XAG ratio candles
Open, high, low and close of the HG-FUT/XAG ratio for each period in the last 1Y.
Copper Futures and Silver prices
Both legs of the ratio on their own axes, so you can see which one moved over 1Y.
How to calculate the copper to silver ratio
Copper to silver ratio = copper price per pound ÷ silver price per troy oz
Copper is quoted per pound and silver per troy ounce, so the quotient is troy ounces of silver per pound of copper. Two different weight units, which is why the number is a small decimal — a unit artefact, not a judgement about copper.
Worked example, live prices: $6.59 ÷ $68.73 = 0.09588. The inverse is 10.43.
The same demand story, at different scales
Silver is the best electrical conductor of any element and copper is the cheapest good one, so they compete and coexist across the same applications: grid infrastructure, motors, electronics, EVs and solar. Silver goes where conductivity per unit volume justifies the price — solar cell contacts, contact points, brazing alloys. Copper carries the bulk load everywhere else.
The consequence is that electrification demand lifts both legs, so this ratio does not move much on the theme itself. What moves it is the divergence: silver's monetary and investment bid, which copper lacks entirely, and copper's much heavier exposure to Chinese construction, which silver largely escapes.
Where the divergences come from
When precious metals rally on monetary anxiety, silver participates and copper does not, so the ratio falls. When Chinese property or grid spending accelerates, copper moves first and the ratio rises. Reading it therefore means asking which of those two channels is active — the same reading can arise from either.
Over the trailing 1 year the ratio has averaged 0.08797, ranging from 0.04863 to 0.1189, with today's 0.09588 at the 61st percentile. Note that copper here is COMEX futures priced per pound; LME copper is quoted per metric tonne, which changes the number substantially without changing the relationship.
Other commodity ratios
Each of these has its own page with live pricing, a full year of history and the range statistics.
- Gold to silver ratio
- Gold to platinum ratioPrecious metals · live ratio
- Gold to oil ratioMacro ratio · live
- Gold to copper ratioGrowth vs fear · live ratio
- Gold to palladium ratioPrecious metals · live ratio
- Silver to platinum ratioIndustrial precious metals · live
- Oil to natural gas ratioEnergy substitution · live
- Platinum to palladium ratioPGM substitution · live
- Gold to natural gas ratioMonetary vs energy · live ratio
Live prices behind the ratios
| # | Symbol | Name | Rate (USD) |
|---|---|---|---|
| 1 | XAU | Gold | 4641.78 |
| 2 | XAG | Silver | 68.86 |
| 3 | WTIOIL-FUT | Crude Oil WTI Futures | 85.69 |
| 4 | BRENTOIL-FUT | Crude Oil Brent Futures | 92.72 |
| 5 | NG-FUT | Natural Gas Futures | 2.75 |
| 6 | PL | Platinum | 1884.84 |
| 7 | PA | Palladium | 1346.10 |
Frequently asked questions
What is the copper to silver ratio today?
The copper to silver ratio is 0.09588 troy ounces of silver per pound of copper — $6.59 per pound of copper divided by $68.73 per troy ounce of silver. The inverse is 10.43.
Why is the copper to silver ratio a small decimal?
Because the two legs use different weight units. Copper is quoted per pound and silver per troy ounce, so dividing one by the other produces a small number regardless of the underlying relationship. What matters is the direction and where it sits in its range, not the absolute size.
Do copper and silver move together?
Often, because electrification demand lifts both. They diverge on the factors only one has: silver's investment and monetary bid, which copper lacks, and copper's heavy exposure to Chinese construction, which silver largely escapes.
Is silver a better conductor than copper?
Yes — silver is the most electrically conductive element. Copper is used instead almost everywhere because it is far cheaper per unit of conductivity. Silver is reserved for applications where conductivity per unit volume, or corrosion behaviour, justifies the cost.