Copper Price OutlookCopper prices increased over the past month, hitting their highest level since June 2018 in late October, due to healthy Q3 GDP data from China and expectations of strong demand ahead. On 6 November, the red metal closed the day at USD 6,935 per metric ton, which was up 6.5% from the same day last month. Moreover, the price was 12.8% higher on a year-to-date basis and was up 17.8% from the same day in 2019. Chinese GDP data for Q3 showed that the industrial sector posted a sturdy outturn, which pointed to upbeat demand for copper ahead and pushed prices to an over two-year high on 21 October. Moreover, Chinese copper imports were up roughly 62% year-on-year in September, while ahead of the communist party’s plenum at end-October, markets anticipated the government would look to stockpile key metals such as copper for future infrastructure projects. Furthermore, improving manufacturing data in October from China and the U.S. boded well for copper demand, in turn supporting copper prices in early November. Nevertheless, the outcome of the U.S. election—with chances of the Democrats controlling the Senate fading—likely limited price growth as a divided Congress could frustrate the approval of higher government spending on climate-focused infrastructure.
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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