Copper Prices

Copper prices averaged USD 9,173 per metric ton in April, down 5.8% from March. On 30 April, the commodity traded at USD 9,118 per metric ton, down 5.6% from 31 March.

U.S.-China trade tensions took center stage in April, as the U.S. raised tariffs on the Asian giant, which retaliated promptly. This caused the largest daily copper price fall since the peak of the pandemic on 4 April, as tariffs are expected to dent demand for the metal via weaker economic momentum; against this backdrop, China’s manufacturing PMI fell into contractionary terrain for the month. In addition, Chinese copper output rose to a record high in March, exerting further downward pressure on prices.