Copper Prices

Copper prices averaged USD 13,543 per metric ton in July, down 0.1% from June. On 31 July, the commodity traded at USD 13,836 per metric ton, up 3.6% from 30 June.

Average copper prices were marginally lower in July than in the previous month, as softer manufacturing conditions in China weighed on prices. That said, the metal continued to trade near record highs, supported by robust AI-driven demand. Moreover, expectations of imminent U.S. tariffs on refined copper—originally expected in June but delayed—boosted copper inflows into the U.S. and saw London inventories drawn down to a five-year low, buttressing prices.