Open pit copper mine

Copper Price Outlook

The gloss has come off the copper market in recent weeks, after a spectacular bull run from June until mid-September which saw prices rise by around 20% on the back of positive signs from China and speculative trading. However, prices are still substantially above where they were a year ago. On 6 October, the spot price was USD 6,617 per metric ton, which was 3.8% lower than on the same day last month but was up 19.8% on a year-to-date basis. Moreover, the price was 39.7% higher than on the same day in 2016. Prices have fallen over the last month after getting slightly ahead of fundamentals, as hedge funds and investors bundled into the market, excited by a solid Chinese economy and the prospect for electric cars to boost copper demand. However, recent signs have pointed towards a slightly less rosy picture in China, the top consumer of the red metal. The country’s copper imports were flat in August month-on-month, while growth in industrial production and investment also slowed in the same month. On the supply side, tensions continue to simmer between mining company Freeport-McMoran and the Indonesian government over the Grasberg mine, despite a recent agreement which will see the company relinquish its majority stake. The two sides are at odds over the mine’s valuation as part of the divestment process. If the deal unravels, this could disrupt copper supply and put upward pressure on prices.

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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