Copper futures declined to $4.3 per tonne in the end of January, the lowest in five weeks, amid a strong dollar and forecasts of higher production. The US dollar rose to 17-month highs as the Federal Reserve signaled policy rate hikes in March and left room for further hikes during 2022, decreasing the purchasing power of importing states, while the prospect higher rates could dampen metals demand. At the same time, the Chilean Copper Commission confirmed their forecasts of lower copper prices for 2022, citing economic slowdown for the world’s top copper consumers. The commission also anticipated copper production to increase by 4.1% during 2022, returning to pre-pandemic levels, in addition to a 5.5% rise in 2023. Domestically, the Chile’s production is expected to increase by 2.2% to 5.7 million tonnes in 2022 and 4.6% to 6 million tonnes in 2023.

Historically, Copper reached an all time high of 4.90 in May of 2021. Copper - data, forecasts, historical chart - was last updated on January of 2022.

Copper is expected to trade at 4.43 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 4.16 in 12 months time.

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Price Day Month Year
Gold 1,787.07 -9.44 -0.53% -0.92% -3.20%
Silver 22.36 -0.382 -1.68% -1.97% -17.20%
Copper 4.31 -0.1140 -2.58% -2.36% 21.18%
Steel 5,051.00 315.00 6.65% 10.89% 20.52%
Iron Ore 135.50 0 0% 19.38% -14.24%
Lithium 367,500.00 0 0% 170.22% 170.22%
Platinum 1,003.99 -18.51 -1.81% 3.71% -6.40%

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 China, Peru, 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
4.31 4.42 4.90 0.60 1988 - 2022 USd/LB Daily