The value of copper in the different stages of the value chain of copper is explained. It is clarified how the value of the copper content in ores and concentrates, in cathodes, in recycling materials and in copper products is calculated and how it is used in the sales or purchase of copper containing materials.  It is shown that the registered copper cathode is the base for all commercial negotiations – not only for cathodes. The role of the London Metal Exchang (LME) and hedging is also discussed.