Copper Price OutlookCopper prices were turbulent in recent weeks, before rising to a near two-month high on 12 January on the back of favorable fundamentals. On 14 January, the red metal closed the day at USD 9,730 per metric ton, which was up 3.4% from the same day last month. Meanwhile, the price was 0.1% lower on a year-to-date basis but was up 21.0% from the same day in 2021. Fears of a global economic slowdown, amid the spread of the Omicron variant and a downbeat Chinese property market, weighed on copper prices in the first half of December. Moreover, a stronger dollar, supported by the Fed’s more hawkish stance, and news that the Las Bambas mine in Peru would return to full capacity in early January exerted additional downward pressure on prices in the remainder of the month. That said, the downward trend was quickly reversed, as depleting inventories, notably in the Shanghai Futures Exchange—where stocks hit an over-decade low in December—sent prices rising in the first half of January. On top of this, declining output from top-producer Chile in November, combined with news of a possible strike at Teck Resources’ British Columbia mine, further intensified supply concerns.
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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