Copper prices averaged USD 9,648 per metric ton in June, down 4.6% from May. On 28 June, the commodity traded at USD 9,456 per metric ton, down 4.6% from 31 May.
Prices fell in June amid soft demand and an improved supply outlook. China’s manufacturing PMI remained stuck in contractionary terrain in June. Additionally, May’s annual output growth in top producer Chile suggests robust supply, and Indonesia postponed its planned export ban on copper concentrate from 1 June to 31 December. Against this backdrop, copper inventories in east-Asian warehouses rose markedly over the past month, signaling that the key Chinese market is amply supplied.
This chart displays Copper (US$/mt) from 2022 to 2024.
Copper LME (prices in US$/mt, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Copper LME | 8,932 | 8,469 | 8,366 | 8,176 | 8,447 | 9,748 | - | - |