# Metals.io Launches Copper Token xCu After 24,968-Kilogram Hamburg Transfer

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/46300
Published: 2026-11-02T10:23:53.000Z
Updated: 2026-11-02T10:23:53.000Z
Section: Business

> A batch of Comika copper cathodes entered custody six days before the launch. Physical delivery is restricted, and xCu is not pegged to copper’s spot price.

Metals.io launched its copper token xCu on Thursday, Oct. 29, representing ownership rights in stored copper and tying the digital asset to a 24,968-kilogram batch at C. Steinweg Hamburg.

The batch entered custody on Oct. 23 in 10 bundles of Comika copper cathodes, six days before the launch. Metals.io lists bonded warehouses in Germany and the Netherlands; this batch was held at C. Steinweg Hamburg.

Each xCu represents a right of ownership in copper held by Archax as trustee for tokenholders. The transaction ledger uses Tezos blockchain technology.

Token ownership does not guarantee that a holder can take physical delivery. Delivery is limited to holders with approved custody accounts and depends on eligibility, minimum delivery sizes, compliance checks and warehouse requirements.

The token has no formal peg to copper’s spot price. Approved venues set its price, which may trade at a premium or discount to the metal’s spot price. Its market price can therefore diverge from spot copper.

Global copper demand is projected to reach 42 million metric tons by 2040, 50% above current levels. That projection concerns demand for copper as a commodity, not demand for xCu.

Ben Elvidge, head of alternative assets at Trilitech, called xCu “a real-world, tangible asset with structural demand driven by global electrification, packaged in a liquid digital wrapper.”