Copper Price OutlookCopper prices were largely stable throughout October, although lost ground in the last week of the month amid waning demand in China. On 2 November, copper closed the trading day at USD 6,319 per metric ton, which was 0.5% higher than on the same day last month. However, the price of copper was down 12.3% on a year-to-date basis and was 8.4% lower than on the same day in 2017. The relative stability of copper prices for the majority of the month followed significant volatility in previous months when prices were weighed on by escalating global protectionism and the emerging-market selloff. Prices in October were supported by a significant drop in inventory levels—to the lowest in a decade—which outweighed fears of slowing global growth and trembling stock markets. Nevertheless, copper prices slid once again at the end of October, largely due to weak Chinese economic data. The world’s largest copper consumer’s third-quarter GDP decelerated to the slowest pace since 2009 and, coupled with a broader slump in global equity markets, sent copper prices downwards. The U.S. president’s comments on 30 October, where he threatened to roll out a fresh batch of trade tariffs against China, added further downside pressure to prices.
Copper Price History Data (USD per metric ton, aop)
Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Copper Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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