Copper Prices

Copper prices averaged USD 9,995 per metric ton in September, up 3.3% from August. On 30 September, the commodity traded at USD 10,226 per metric ton, up 4.1% from 29 August.

In September, average copper prices rose at the strongest pace in four months—after declining for the previous two—and reached the highest level in 16 months. Early in the month, expectations of a Fed rate cut lifted copper prices as traders anticipated stronger GDP growth. Prices continued rising as Indonesia’s Grasberg mine—the world’s second-largest source of the metal—was forced to close, removing an estimated 3% of global supply from the market.