Copper futures climbed above $4.14 per pound, hitting an over one-week high amid signs of improving demand in top consumer China. Data pointed to declining copper inventories in Shanghai Futures Exchange warehouses in recent weeks, reversing rises seen in July. Analysts suggested that a sudden surge in electric vehicle sales may have contributed to the recent trend. Markets also noted a rise in premiums for refined metal in China. Copper prices also benefited from a broad rebound in risk assets including global stock markets, commodities and risk-sensitive currencies. Those moves came amid growing expectations that the Federal Reserve will deliver a supersized 50 basis point rate cut next week. Analysts pointed to media reports from Financial Times and the Wall Street Journal suggesting the Fed’s decision would be a close call, as well as higher US jobless weekly claims as the main factors driving recent expectations.
Copper increased 0.28 USd/LB or 7.18% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Copper reached an all time high of 5.20 in May of 2024. Copper - data, forecasts, historical chart - was last updated on September 15 of 2024.
Copper increased 0.28 USd/LB or 7.18% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Copper is expected to trade at 4.22 USd/LB by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 4.44 in 12 months time.
Copper
Copper futures are widely traded on the London Metal Exchange (LME), at the COMEX and on the Multi-Commodity Exchange in India. The standard contract is 25,000 lbs. Copper is the third most widely used metal in the world. Chile accounts for over one third of world's copper production followed by Peru, Democratic Republic of the Congo, China, United States, Australia, Indonesia, Zambia, Canada and Poland. The biggest importers of copper are China, Japan, India, South Korea and Germany. Copper market prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our copper market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.
| Actual | Previous | Highest | Lowest | Dates | Unit | Frequency | ||
|---|---|---|---|---|---|---|---|---|
| 4.16 | 4.13 | 5.20 | 0.60 | 1988 - 2024 | USd/LB | Daily |
