Copper prices averaged USD 9,076 per metric ton in November, down 4.8% from October. On 29 November, the commodity traded at USD 8,892 per metric ton, down 5.1% from 31 October.
Prices fell in November due to geopolitical concerns, paltry demand and healthy supply. Trump’s reelection caused the dollar to rally, thus making the metal less affordable for holders of other currencies. Moreover, his victory spurred fears of renewed trade disputes and a potential global trade war. Meanwhile, China unveiled stimulus measures in November that were underwhelming for base metals. Supply-wise, output from top producer Chile hit its highest monthly outturn of the year in October, curbing prices.
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 | 9,210 | - |