Commodity category

Industrial metals: copper, aluminium and nickel

Industrial metals are priced by factories as well as by funds. Copper tracks electrical uses and construction. Aluminium is energy-intensive to smelt. Nickel’s main use is stainless steel, with a battery story that does not describe every exchange-deliverable form.

Written by WiT Markets EditorialReview Editorially reviewedLast reviewed 19 October 2026

David Ratledge, CC BY 4.0, via Wikimedia Commons. File page.

Market overview

A mine, a smelter and a warehouse are three different constraints. Copper and nickel supply does not turn on quickly. Aluminium supply depends heavily on power, because smelting is an electricity business as much as a mining business.

The London Metal Exchange and CME Group both list base-metal contracts. They are not interchangeable. Delivery shape, brand lists and warehouse rules differ. This page does not copy lot sizes from either rulebook.

Markets in this group

Copper

Industrial metal influenced by manufacturing, mine supply and exchange inventories.

LME and COMEX futures, miners, funds

Explore market

Aluminium

An energy-intensive industrial metal with warehouse stocks and physical premia.

LME futures, smelter shares, some CFDs

Explore market

Nickel

A smaller industrial market where product class and exchange rules matter.

LME futures and related shares

Explore market

What tends to move it

Manufacturing and construction

Factory and building cycles show up in metal use.

Power costs

Aluminium in particular is sensitive to the electricity price at the smelter.

Exchange stocks

Visible warehouse metal is not all the metal in the world. It is the metal the exchange can see.

Product class

A headline about battery nickel is not automatically the grade an exchange will take.

Ways to take the exposure

These are different legal positions. A platform may offer one and not the others. Nothing here is available in every country.

Exchange futures

LME and COMEX contracts are different obligations. Read which one the product references.

Mining and smelting shares

A business, including its power contract and its balance sheet.

Funds

Some hold futures. The roll applies.

CFDs

A firm’s contract on a price it defines. Not a warrant.

Contract specifications

London Metal Exchange

The exchange publishes the contract unit, tick, currency and settlement rule. This page does not copy a size, a tick or a margin, because those figures were not read from the specification table. A broker margin is a separate, variable number.

Read the exchange page

CME Group

CME lists COMEX copper. It is not an LME contract.

Read the exchange page

Illustrative contract value

What the costs usually are

Exchange trades have commission and exchange fees. Physical premia, warehouse rents and financing sit in the physical market and are not the futures commission. A CFD adds spread and financing.

What a headline commission leaves out of the bill separates the commission from the spread, financing and other charges.

Risks that belong to this market

Disruption

A mine, a port or a sanction can reprice a contract before an annual report.

Liquidity

Nickel has shown that a smaller metal market can gap and that exchange rules can change under stress.

Basis

The deliverable brand and location may not be the metal a factory buys.

Compare industrial metals providers

The list is the commodities research workbook’s assignment for this group. A firm appears here only when that workbook places it in industrial metals. A group assignment is not proof that every market in the group is offered. Firms with no group in the workbook are left out. The order is alphabetical. It is not a ranking, and no commercial relationship is recorded on these rows.

12 of 12 providers assigned to Industrial metals in the research workbook. Order is alphabetical. A region filter means the research note mentions that region. It does not confirm you can open an account there.

CFD broker

AvaTrade

Global forex/CFD broker

Best aligned withRetail CFD traders wanting broad platform choice and global regional entities

Metals, energy and agricultural commodity CFDs depending entity

Instruments: CFDs
Costs: Spread-based; product/entity-specific fees
Minimum: Entity/funding-specific
Noted reach: A wide country statement appears in partner material. Client eligibility is not confirmed from that statement.

Advantages

Multiple platforms.
Broad regulatory footprint.
Metals/energy/agricultural CFDs.

Limitations

No direct commodity ownership.
Country/product differences.
Spread-based pricing may be less transparent than exchange commissions.

Visit AvaTrade

CFD broker

Capital.com

Global CFD broker

Best aligned withCFD traders wanting a modern interface and broad commodity range

65+ commodity CFDs provider-stated across metals, energy and soft/agricultural markets

Instruments: CFDs
Costs: Spread-based, no commission on cited CFD proposition; other costs apply
Minimum: Funding/entity-specific
Noted reach: Available broadly outside an explicit restricted-country list

Advantages

65+ commodity CFDs.
TradingView/MT integrations.
Modern platform.

Limitations

CFD-only commodity exposure.
Many restricted jurisdictions.
No listed commodity futures.

Visit Capital.com

CFD broker

CMC Markets

Global broker / CFD and investment platform

Best aligned withActive commodity-CFD traders wanting proprietary charting and established global support

Commodity CFDs across metals, energy and soft commodities; investing offering differs by region

Instruments: ETFs/ETCs, CFDs
Costs: Spread-based CFD pricing; investing fees region-specific
Minimum: No general minimum highlighted on global trading site
Noted reach: Significant UK, Australia, Europe, Singapore, Middle East and North America footprint

Advantages

Strong proprietary platform.
Broad global regulatory footprint.
Competitive commodity-CFD access.
Institutional infrastructure.

Limitations

Primarily derivative exposure for commodities.
Exact country/product coverage requires local confirmation.

Visit CMC Markets

Multi-asset

eToro

Global multi-asset investing platform

Best aligned withMulti-asset investors wanting simple commodity exposure alongside stocks, ETFs and crypto

Gold, oil, copper and other commodities primarily via CFDs; commodity ETFs can offer non-CFD exposure

Instruments: ETFs/ETCs, CFDs
Costs: Spread/overnight/product-specific fees
Minimum: Country-specific
Noted reach: Broad multi-country availability; local restrictions differ

Advantages

Simple multi-asset interface.
Commodity CFDs plus ETF routes.
Broad international brand.
Easy portfolio integration.

Limitations

Less suitable for specialist futures traders.
CFD/ETF treatment varies.
Automation is limited.

Visit eToro

CFD broker

FOREX.com

Global specialist forex/CFD broker

Best aligned withActive CFD traders wanting commodity markets alongside forex and strong market analysis

A published range includes crude oil, natural gas, corn and metals.

Instruments: CFDs
Costs: Spread-based commodity CFDs; financing can apply
Minimum: Entity/payment-specific
Noted reach: Broad international reach. A full positive country list was not captured.

Advantages

StoneX backing.
A published range includes crude oil, natural gas, corn and metals.
Strong platforms and research.

Limitations

Not a passive commodity-investing platform.
Leverage/overnight costs.
Country coverage requires local verification.

Visit FOREX.com

CFD broker

IG

Global broker / derivatives and investing provider

Best aligned withActive commodity-CFD traders wanting an established global broker and strong platform tooling

Commodities including metals, energy and other markets mainly through CFDs/spread betting, plus region-specific investing products

Instruments: ETFs/ETCs, Listed futures, Options, CFDs, Commodity equities
Costs: Spread/commission by product/entity
Minimum: Entity/payment-specific
Noted reach: Broad global entity footprint; product access differs by country

Advantages

Long-established brand.
Broad commodity-CFD access.
Strong charting/platform ecosystem.
Many regulated entities.

Limitations

Derivative exposure is not ownership.
Pricing and availability vary by jurisdiction.

Visit IG

Multi-asset

Interactive Brokers

Global multi-asset broker

Best aligned withSophisticated global investors/traders wanting listed commodity futures, ETFs/ETPs and professional tools

Energy, metals, agriculture and related commodity products via futures, ETFs/ETPs and metals

Instruments: ETFs/ETCs, Listed futures, Options, Commodity equities, Spot metals
Costs: Product/exchange commissions + market-data fees; fund/ETF pricing varies
Minimum: No general standard brokerage minimum
Noted reach: Official available-country list covers most major global markets and territories

Advantages

Very broad global market access.
Listed futures and options.
ETFs/ETPs.
Professional execution.
Extensive APIs.

Limitations

More complex than simplified retail platforms.
Market-data/exchange fees may apply.
Not a commodity-CFD specialist.

Visit Interactive Brokers

CFD broker

OANDA

Global forex/CFD broker

Best aligned withActive CFD traders wanting commodities, metals and strong TradingView/MetaTrader support

Hard and soft commodity CFDs including oil, copper, natural gas, corn plus precious metals

Instruments: CFDs
Costs: Spread-based commodity/metal CFDs
Minimum: Entity/payment-specific
Noted reach: Broad global reach; partner programme accepts traffic globally with exceptions

Advantages

Established global broker.
Strong charting/platform support.
Commodity and metals CFDs.

Limitations

No direct commodity ownership.
Country/entity differences.
Financing/spread costs matter.

Visit OANDA

CFD broker

Pepperstone

Global forex/CFD broker

Best aligned withActive CFD traders wanting multiple professional platforms for metals, energy and soft commodities

40 spot commodity markets across metals, energies and softs on cited UK page

Instruments: CFDs
Costs: Spread-based; Razor pricing applies to some products
Minimum: No universal minimum highlighted
Noted reach: Licensed in multiple regions. Product access still depends on the legal entity.

Advantages

MT4/MT5/cTrader/TradingView.
40 commodity markets.
Strong active-trader infrastructure.

Limitations

No passive commodity ownership route.
Leverage risk.

Visit Pepperstone

CFD broker

Plus500

Global derivatives broker

Best aligned withUsers seeking a simple proprietary interface for commodity CFDs

Gold, silver, oil, Brent, heating oil, copper, aluminium and other commodity CFDs

Instruments: CFDs, Listed futures
Costs: Spread/financing-based CFD pricing; regional products differ
Minimum: Entity/product-specific
Noted reach: Provider has stated broad multi-country coverage; complete current country list not captured

Advantages

Simple platform.
Broad commodity-CFD range.
Global brand and multi-jurisdiction presence.

Limitations

No direct commodity ownership.
Limited specialist futures tooling.
Regional terms vary.

Visit Plus500

Multi-asset

Saxo

Global bank/broker

Best aligned withExperienced investors wanting multiple ways to access commodities in one institutional-style platform

Commodity CFDs, futures, options, spot metals and ETCs across energy, metals and agriculture

Instruments: ETFs/ETCs, Listed futures, Options, CFDs, Commodity equities, Spot metals
Costs: Tiered commissions/spreads by product and account tier
Minimum: Country/entity/account-tier specific
Noted reach: 1m+ clients across 26 countries provider-stated

Advantages

Unusually broad commodity toolkit: futures, options, CFDs, spot metals and ETCs.
Strong research.
Multi-currency accounts.

Limitations

Pricing and minimums vary by country/account tier.
Can be more complex than app-first brokers.

Visit Saxo

Multi-asset

Swissquote

Swiss bank / global broker

Best aligned withInternational investors wanting commodity exposure inside a Swiss bank/broker relationship

Metals, commodity-linked funds/ETPs and derivatives depending account/entity

Instruments: ETFs/ETCs, Listed futures, Options, CFDs, Commodity equities, Spot metals
Costs: Product/account-specific fees
Minimum: Account/entity-specific
Noted reach: International; onboarding method depends on country

Advantages

Swiss bank structure.
Traditional investments plus derivatives and metals.
Strong multi-currency infrastructure.

Limitations

Country/product mapping is less simple.
Specialist futures breadth may be narrower than IBKR/Saxo.

Visit Swissquote

Commodities providers — detailed comparison

Compare commodities access, investment products, trading tools, costs, and platform capabilities in one structured view. Fee models are not collapsed into one number. A spread, a futures commission and an ETF charge are different costs.

Alphabetical comparison of commodities platforms reviewed for this page. Swipe sideways for more columns.
Provider	Platform type	Commodity coverage	Instruments	Costs	Minimum	Regulation	Noted reach	Tools	Visit
AvaTrade Global forex/CFD broker	CFD broker	Metals, energy and agricultural commodity CFDs depending entity	ETFs/ETCs: ETF CFDs / selected multi-asset products. Futures: CFD/futures-derived commodity exposure. Options: No core listed commodity options. CFDs: Yes. Metals: Yes / derivative.	Spread-based; product/entity-specific fees	Entity/funding-specific	Regulated across Ireland/EU, BVI, Australia, South Africa, Japan, Abu Dhabi, Kenya and other group structures	A wide country statement appears in partner material. Client eligibility is not confirmed from that statement.	WebTrader; AvaTrade app; MT4; MT5; AvaOptions	Visit AvaTrade
Capital.com Global CFD broker	CFD broker	65+ commodity CFDs provider-stated across metals, energy and soft/agricultural markets	ETFs/ETCs: ETF CFDs / region-specific. Futures: No core listed futures. Options: No core. CFDs: Yes. Metals: Yes / CFD.	Spread-based, no commission on cited CFD proposition; other costs apply	Funding/entity-specific	Regulated across multiple jurisdictions	Available broadly outside an explicit restricted-country list	Capital.com web/mobile; TradingView; MT4/MT5 on current international page	Visit Capital.com
CMC Markets Global broker / CFD and investment platform	CFD broker	Commodity CFDs across metals, energy and soft commodities; investing offering differs by region	ETFs/ETCs: Selected jurisdictions. Futures: Indirect / CFD-style access rather than core listed-futures retail account. Options: Not core. CFDs: Yes. Metals: Yes / CFD.	Spread-based CFD pricing; investing fees region-specific	No general minimum highlighted on global trading site	15 global offices including UK, Australia, Germany/EU, Canada, NZ, Singapore, Bermuda and UAE	Significant UK, Australia, Europe, Singapore, Middle East and North America footprint	Next Generation; MT4/MT5 in selected regions; mobile/web	Visit CMC Markets
eToro Global multi-asset investing platform	Multi-asset	Gold, oil, copper and other commodities primarily via CFDs; commodity ETFs can offer non-CFD exposure	ETFs/ETCs: Yes, jurisdiction-specific. Futures: Expiring-future commodity CFDs on some instruments. Options: No core listed-options proposition. CFDs: Yes. Metals: Via CFD / derivative.	Spread/overnight/product-specific fees	Country-specific	Multiple regulated entities globally	Broad multi-country availability; local restrictions differ	Web; mobile	Visit eToro
FOREX.com Global specialist forex/CFD broker	CFD broker	A published range includes crude oil, natural gas, corn and metals.	ETFs/ETCs: No core passive commodity route. Futures: Commodity CFD futures/spot-style products; US futures offered through StoneX ecosystem separately. Options: Not core retail CFD account. CFDs: Yes. Metals: Yes / leveraged product.	Spread-based commodity CFDs; financing can apply	Entity/payment-specific	StoneX-backed, with affiliates regulated in multiple jurisdictions	Broad international reach. A full positive country list was not captured.	FOREX.com proprietary; TradingView; MT5/MT4 depending region	Visit FOREX.com
IG Global broker / derivatives and investing provider	CFD broker	Commodities including metals, energy and other markets mainly through CFDs/spread betting, plus region-specific investing products	ETFs/ETCs: Selected jurisdictions. Futures: Futures-style/expiry contracts and listed futures in some regions. Options: Options in selected markets. CFDs: Yes. Metals: Yes / derivative.	Spread/commission by product/entity	Entity/payment-specific	UK, Europe, Australia, Switzerland, South Africa, Singapore, NZ, Dubai, Japan, US and International entities	Broad global entity footprint; product access differs by country	IG web/mobile; MT4 in selected regions; ProRealTime integrations	Visit IG
Interactive Brokers Global multi-asset broker	Multi-asset	Energy, metals, agriculture and related commodity products via futures, ETFs/ETPs and metals	ETFs/ETCs: Yes. Futures: Yes. Options: Yes. CFDs: No core retail CFD proposition. Metals: Global metals permission.	Product/exchange commissions + market-data fees; fund/ETF pricing varies	No general standard brokerage minimum	Multiple regulated affiliates globally; contracting entity depends on residence	Official available-country list covers most major global markets and territories	Trader Workstation; IBKR Desktop; Client Portal; GlobalTrader; mobile	Visit Interactive Brokers
OANDA Global forex/CFD broker	CFD broker	Hard and soft commodity CFDs including oil, copper, natural gas, corn plus precious metals	ETFs/ETCs: No core. Futures: No core listed commodity futures in standard CFD proposition. Options: No core. CFDs: Yes. Metals: Yes / CFD or spread bet in selected regions.	Spread-based commodity/metal CFDs	Entity/payment-specific	Multiple regulated divisions including UK, Europe, Canada, Singapore, US, Australia and others	Broad global reach; partner programme accepts traffic globally with exceptions	OANDA web/mobile; MT4; MT5; TradingView	Visit OANDA
Pepperstone Global forex/CFD broker	CFD broker	40 spot commodity markets across metals, energies and softs on cited UK page	ETFs/ETCs: No core. Futures: Perpetual/CFD-style products, not core listed futures. Options: No. CFDs: Yes. Metals: Yes / CFD.	Spread-based; Razor pricing applies to some products	No universal minimum highlighted	Licensed in multiple regions globally	Licensed in multiple regions. Product access still depends on the legal entity.	Pepperstone platform; MT4; MT5; cTrader; TradingView	Visit Pepperstone
Plus500 Global derivatives broker	CFD broker	Gold, silver, oil, Brent, heating oil, copper, aluminium and other commodity CFDs	ETFs/ETCs: CFDs on ETFs in relevant entities. Futures: US futures business / futures-style products in selected regions. Options: Selected regional offerings. CFDs: Yes. Metals: Commodity CFDs.	Spread/financing-based CFD pricing; regional products differ	Entity/product-specific	Multiple regulated entities globally	Provider has stated broad multi-country coverage; complete current country list not captured	Proprietary web/mobile	Visit Plus500
Saxo Global bank/broker	Multi-asset	Commodity CFDs, futures, options, spot metals and ETCs across energy, metals and agriculture	ETFs/ETCs: Yes. Futures: Yes. Options: Yes. CFDs: Yes. Metals: Yes.	Tiered commissions/spreads by product and account tier	Country/entity/account-tier specific	Saxo Bank group; client agreement depends on country of residence	1m+ clients across 26 countries provider-stated	SaxoInvestor; SaxoTrader; web/mobile	Visit Saxo
Swissquote Swiss bank / global broker	Multi-asset	Metals, commodity-linked funds/ETPs and derivatives depending account/entity	ETFs/ETCs: Yes. Futures: Selected futures access. Options: Selected. CFDs: Yes through relevant trading accounts. Metals: Yes.	Product/account-specific fees	Account/entity-specific	Swissquote Bank Ltd supervised by FINMA plus regional entities	International; onboarding method depends on country	Swissquote web/mobile; MT4/MT5/CFXD in relevant accounts	Visit Swissquote

AvaTrade

CFD broker

Coverage: Metals, energy and agricultural commodity CFDs depending entity
Costs: Spread-based; product/entity-specific fees
Minimum: Entity/funding-specific
Reach: A wide country statement appears in partner material. Client eligibility is not confirmed from that statement.

Visit AvaTrade

Capital.com

CFD broker

Coverage: 65+ commodity CFDs provider-stated across metals, energy and soft/agricultural markets
Costs: Spread-based, no commission on cited CFD proposition; other costs apply
Minimum: Funding/entity-specific
Reach: Available broadly outside an explicit restricted-country list

Visit Capital.com

CMC Markets

CFD broker

Coverage: Commodity CFDs across metals, energy and soft commodities; investing offering differs by region
Costs: Spread-based CFD pricing; investing fees region-specific
Minimum: No general minimum highlighted on global trading site
Reach: Significant UK, Australia, Europe, Singapore, Middle East and North America footprint

Visit CMC Markets

eToro

Multi-asset

Coverage: Gold, oil, copper and other commodities primarily via CFDs; commodity ETFs can offer non-CFD exposure
Costs: Spread/overnight/product-specific fees
Minimum: Country-specific
Reach: Broad multi-country availability; local restrictions differ

Visit eToro

FOREX.com

CFD broker

Coverage: A published range includes crude oil, natural gas, corn and metals.
Costs: Spread-based commodity CFDs; financing can apply
Minimum: Entity/payment-specific
Reach: Broad international reach. A full positive country list was not captured.

Visit FOREX.com

CFD broker

Coverage: Commodities including metals, energy and other markets mainly through CFDs/spread betting, plus region-specific investing products
Costs: Spread/commission by product/entity
Minimum: Entity/payment-specific
Reach: Broad global entity footprint; product access differs by country

Visit IG

Interactive Brokers

Multi-asset

Coverage: Energy, metals, agriculture and related commodity products via futures, ETFs/ETPs and metals
Costs: Product/exchange commissions + market-data fees; fund/ETF pricing varies
Minimum: No general standard brokerage minimum
Reach: Official available-country list covers most major global markets and territories

Visit Interactive Brokers

OANDA

CFD broker

Coverage: Hard and soft commodity CFDs including oil, copper, natural gas, corn plus precious metals
Costs: Spread-based commodity/metal CFDs
Minimum: Entity/payment-specific
Reach: Broad global reach; partner programme accepts traffic globally with exceptions

Visit OANDA

Pepperstone

CFD broker

Coverage: 40 spot commodity markets across metals, energies and softs on cited UK page
Costs: Spread-based; Razor pricing applies to some products
Minimum: No universal minimum highlighted
Reach: Licensed in multiple regions. Product access still depends on the legal entity.

Visit Pepperstone

Plus500

CFD broker

Coverage: Gold, silver, oil, Brent, heating oil, copper, aluminium and other commodity CFDs
Costs: Spread/financing-based CFD pricing; regional products differ
Minimum: Entity/product-specific
Reach: Provider has stated broad multi-country coverage; complete current country list not captured

Visit Plus500

Saxo

Multi-asset

Coverage: Commodity CFDs, futures, options, spot metals and ETCs across energy, metals and agriculture
Costs: Tiered commissions/spreads by product and account tier
Minimum: Country/entity/account-tier specific
Reach: 1m+ clients across 26 countries provider-stated

Visit Saxo

Swissquote

Multi-asset

Coverage: Metals, commodity-linked funds/ETPs and derivatives depending account/entity
Costs: Product/account-specific fees
Minimum: Account/entity-specific
Reach: International; onboarding method depends on country

Visit Swissquote

Calculators

Each tool starts from numbers you type. This page does not send a contract size or a live price into them.

Position size

You type the contract multiplier. This page does not insert one.

Open

Futures margin

Tick value and margin come from the specification you enter.

Open

Risk and reward

A planned payoff. It does not grade the trade.

Open

Profit and loss

A result from prices you type.

Open

Stop and target

Distances you choose, not a market order.

Open

Trading journal

A record of trades you enter.

Open

Trading performance

Figures from the journal, not from a feed.

Open

What a commission leaves out

How spread, fees and financing sit beside a headline commission.

Open

From mine to warehouse

The chain is mine, concentrate or ore, smelter or refinery, exchange warehouse, then a factory. A futures price is a standardised point on that chain. A physical premium is the rest of the journey.

Copper, aluminium and nickel share the chain and not the demand. Electrification is a copper story in cable and motors. It is an aluminium story only where the metal is actually used. It is a nickel story only for the nickel that batteries take, which is not every tonne.

Questions

Is COMEX copper the same as LME copper?

No. They are different contracts, with different units and delivery rules. A product should name which one it references.

Do warehouse stocks equal world supply?

No. They are metal registered in that system. Metal can sit outside it.

Sources and review

Written by: WiT Markets Editorial. Writes and structures WiT Markets pages. Separates a sourced fact from a cell that is Not confirmed.

Review: Editorially reviewed. This is not a qualified specialist review and it is not a legal sign-off.

Last reviewed: 19 October 2026. Next review due 13 April 2027. The date is an editorial pass. It is not a live check of every third-party fee.

Other sources

London Metal Exchange — checked 16 October 2026
CME Group — checked 13 October 2026
WiT Markets methodology — checked 13 October 2026

Methodology. Editorial policy. Corrections. Report an error.

Market overview

Markets in this group

Copper

Aluminium

Nickel

What tends to move it

Manufacturing and construction

Power costs

Exchange stocks

Product class

Ways to take the exposure

Exchange futures

Mining and smelting shares

Funds

CFDs

Contract specifications

London Metal Exchange

CME Group

Illustrative contract value

What the costs usually are

Risks that belong to this market

Disruption

Liquidity

Basis

Compare industrial metals providers

AvaTrade

Capital.com

CMC Markets

eToro

FOREX.com

IG

Interactive Brokers

OANDA

Pepperstone

Plus500

Saxo

Swissquote

Commodities providers — detailed comparison

Calculators

Position size

Futures margin

Risk and reward

Profit and loss

Stop and target

Trading journal

Trading performance

What a commission leaves out

From mine to warehouse

Questions

Related markets

Sources and review

Other sources