February 26, 2024

Annual copper prices have exhibited varying trends between 2010 to 2023. Prices generally trended downward from 2011 through 2016 going from over USD $8,000/tonne to just under USD $5,000/tonne. Copper hit a low of just USD $4860 in early 2016. Copper prices have since been generally trending upwards peaking at over USD $9,000/tonne in 2021 before retreating over the past 2 years to about USD $8,500 in 2023. These fluctuations in copper prices were influenced by a variety of factors, including global supply and demand dynamics, economic conditions, and geopolitical factors. Like most raw materials, copper prices are expected to increase going forward as demand for the material outpaces available supply.

Source: Westmetall