Copper Prices

Copper prices averaged USD 8,693 per metric ton in March, up 4.7% from February. On 29 March, the commodity traded at USD 8,767 per metric ton, up 4.3% from 29 February.

A rebound in China’s manufacturing PMI in March likely buoyed demand. On the production side, a tight supply of copper concentrate and the expansion of China’s smelting capacity have driven treatment charges in the country to their lowest level in over a decade in recent months. Against this backdrop, Chinese refined copper output slid month-on-month in February, and there is growing expectation of a further downturn in supply: In mid-March, several Chinese smelters pledged to cut output.