Copper Price Outlook

Copper prices gained some ground over the past month on a pick-up in economic activity in top consumer China. On 15 May, the red metal closed the day at USD 5,156 per metric ton, which was 1.5% higher than on the same day last month. However, the price was down 16.1% on a year-to-date basis and was 14.8% lower than on the same day in 2019. Prices for the red metal rose on expectations of stronger Chinese demand for base metals as manufacturing output gets back on track after the Covid-19-driven downturn in Q1. Industrial production rebounded annually in April, which, coupled with indication of monetary stimulus from China’s Central Bank, stoked investor sentiment. The rally lost steam at the beginning of May, however, as President Donald Trump threatened to escalate the U.S.–China trade war. Moreover, fears of a second wave of infections in China amid rising new cases further soured expectations of a swift recovery in copper demand, in turn limiting price gains. Meanwhile, although lockdown conditions pushed miners to cut down supply this year, a glut in the market may be inevitable as the fall in demand proves more severe.

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

2015  2016  2017  2018  2019  
Copper 5508.57  4871.3  6171.78  6527.31  6008.57  

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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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