Open pit copper mine

Copper Price Outlook

Copper prices have pulled back since the start of the year after a cracking second half of 2017 which saw prices repeatedly reach multi-year highs thanks to robust Chinese demand. A price correction was always likely after such a sustained rally, as some investors decided to take profits. On 9 February, the spot price was USD 6,712 per metric ton, which was 4.9% lower than on the same day last month and was down 6.9% on a year-to-date basis. The price was 15.5% higher than on the same day in 2017. Investors’ profit taking was likely encouraged by strong Chinese copper production figures in December, according to data from the country’s National Bureau of Statistics. Stronger domestic production, coupled with winter limiting construction activity, led to a dip in imports from the Asian giant—the top consumer of the red metal. Another factor weighing on prices has been an upsurge in warehouse stocks of the red metal in recent weeks; warehouse stocks are now up around 50% since the start of the year. In addition, new wage deals have been sealed at the start of the year at key mines in Chile, staving off the threat of strike action.

Copper Price History Data (USD per metric ton, aop)

2012  2013  2014  2015  2016  
Copper7954.23  7330.44  6863.26  5508.57  4871.3  

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Price forecasts and historical data for Energy, Metals and Agricultural Commodities.

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Copper Historical Price Chart


Copper historical price chart
Note: Copper prices in USD per metric ton (mt). Daily prices.

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Price forecasts and historical data for Energy, Metals and Agricultural Commodities

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