Copper Prices

Copper prices averaged USD 12,987 per metric ton in January, up 9.9% from December. On 30 January, the commodity traded at USD 13,068 per metric ton, up 4.9% from 31 December.

In January, prices hit record highs; copper was among the top performers in the base metals complex. The rally was triggered by geopolitical tensions and a weak dollar making copper purchases cheaper. While most of the gains were likely driven by speculation amid heightened geopolitical uncertainty, underlying conditions remained supportive: Supply concerns and a strong global demand outlook amid power grid upgrades, renewable energy investment and expanding data center infrastructure fanned prices.