Copper Price OutlookCopper prices rose in recent weeks, propelled by a weaker dollar and a pause in the U.S.–China trade war. On 5 July, the red metal closed the day at USD 5,890 per metric ton, which was 1.9% higher than on the same day last month. However, the price of copper was down 1.0% on a year-to-date basis and was 7.2% lower than on the same day in 2018. Prices recovered somewhat in the past month after having sunk to a five-month low in early June, owing to the escalation of the U.S.–China trade war at the beginning of May. Prices rose in the second half of June following the weakening of the U.S. dollar, amid increased dovishness by the Fed, and the truce struck by Donald Trump and Xi Jinping at the Osaka G20 meeting on 30 June. That said, gains were limited by disappointing manufacturing data from China, the world’s largest consumer of copper, which reinforced expectations of slowing demand for the red metal. On the other hand, supply side fundamentals remain bullish. According to the International Copper Study Group (ICSG), global copper output contracted in the first quarter on an annual basis. Moreover, production overall remained stunted in the second quarter amid constraints at Peru’s Las Bambas mine, a 14-day long strike at Chile’s Chuquicamata mine, and power shortages and tax reform in Zambia.
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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