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What is the price of copper per pound?

The price of copper opened today at $4.59 per pound, as of 9 a.m. ET. That’s up 0.23% from the previous day’s copper price per pound and up 18.61% since the beginning of the year.

The lowest trading price within the last day: $4.53 per pound. The highest copper spot price in the last 24 hours: $4.61 per pound.

Copper prices

The copper spot price is the current price at which physical copper is purchased and sold for immediate delivery, settled on the spot.

Copper spot prices are typically quoted in terms of price per pound or kilogram in U.S. dollars. However, there are alternative ways to quote copper prices.

MetalToday24-hour changeYTD
Copper price per pound
$4.59
0.23%
18.61%
Copper price per kilo
$10.12
0.23%
18.61%

In some cases, copper may be quoted per metric ton, which is useful for large-scale industrial transactions. This is particularly common in global markets where larger quantities are standard.

Additionally, copper prices may be quoted in some financial markets in currencies besides the U.S. dollar, depending on the region and the specific market’s requirements.

Copper chart

The chart below shows how the spot price of copper is trending over the year.

Year to date, copper is up 18.61%, as of 9 a.m ET. The 52-week high reached $4.61 per pound on Apr. 26, 2024, and the 52-week low dropped to $3.52 per pound on Oct. 23, 2023.

Spot metal prices

Copper is technically classified as a base metal due to its widespread industrial usage and greater abundance than precious metals. But it is often quoted alongside true precious metals like gold, silver, platinum and palladium.

Despite not being a precious metal in the traditional sense, copper’s importance in electrical wiring, construction and new technologies, such as electric vehicles, lends it a status often akin to that of precious metals.

The spot price of copper fluctuates in real time based on factors such as mining production, global demand, scrap availability, currency exchange rates and inventory levels.

What influences copper prices?

Like many commodities, copper prices are significantly influenced by factors that affect supply and demand in the short and long term.

China is one of the largest consumers of copper, and its economic activities heavily influence global copper prices. The country’s rapid industrialization and urbanization have increased the demand for copper, used extensively in construction and manufacturing. Consequently, any fluctuations in China’s economic growth or industrial policies can substantially impact global copper demand.

The fact that copper is traded primarily in U.S. dollars also plays a crucial role. Currency fluctuations can affect copper prices. When the dollar strengthens, copper becomes more expensive in other currencies, potentially reducing demand. Conversely, a weaker dollar can make copper cheaper for buyers using other currencies, fueling demand.

The ongoing clean energy transition is another significant factor affecting copper prices. Copper is a critical component in the electrification of the economy, including in electric vehicles, renewable energy systems like wind and solar, and the infrastructure needed to support these technologies. As the world moves toward cleaner energy sources, demand for copper could rise.

Finally, miner productivity and government reserves can influence copper prices. Disruptions in copper mining, whether due to strikes, accidents or environmental factors, can lead to supply constraints and higher prices. Similarly, decisions by major copper-producing countries to release or withhold copper from their national reserves can affect global prices.

Copper price history

Copper’s price history, with its notable peaks and valleys, reflects a range of economic and geopolitical events.

The early 2000s saw a steady rise in copper prices, driven largely by demand from China as it underwent rapid industrialization and urbanization. The country’s infrastructure development led to a significant increase in demand for copper.

But this period of high prices was followed by volatility and a decline in the mid-2010s, influenced by a slowdown in China’s economy and a global surplus of the metal.

The COVID-19 pandemic initially caused a drop in copper prices due to decreased demand and disrupted supply chains. But prices rebounded strongly in the second half of 2020 and into 2021.

More recently, the transition to green technology has become a key driver of future copper demand. Copper is essential in electric vehicles, renewable energy systems and other technologies in the shift away from fossil fuels.

What are copper futures?

CME Group offers copper futures, allowing traders to speculate on or hedge against future price movements of copper. These futures contracts differ from spot copper prices, representing the current market price for immediate delivery.

Copper futures are agreements to buy or sell a specific amount of copper at a predetermined price on a specified future date. They are a type of financial derivative, meaning that their price is based on or derived from that of an underlying asset — in this case, copper.

The standard contract size for CME copper futures is 25,000 pounds, quoted in U.S. dollars per pound. This large contract size makes them a significant tool for large-scale traders and industrial users of copper.

The product code for copper futures on CME Globex, an electronic trading platform, is HG. Traders and investors use this code to identify and trade these specific futures contracts.

Additionally, the CME Group Volatility Index provides insights into the 30-day implied volatility of the copper market. The index reflects expectations of price fluctuations in the copper market based on trading options for copper futures.

Frequently asked questions (FAQs)

The highest price copper has reached was $5.02 per pound on March 6, 2022. This record-setting price was driven by supply chain disruptions and low stockpiles following lockdowns from the COVID-19 pandemic.

Scrap copper prices are the rates at which various recyclers or scrap yards purchase used or discarded copper. These prices are distinct from spot copper prices, the latter being the market rate for an immediate deliverable, pure copper. The pricing for scrap copper is usually lower than spot copper for several reasons.

Firstly, scrap copper often comes with impurities or is mixed with other materials. This necessitates additional processing to extract and purify the copper, which introduces extra costs. Therefore, scrap dealers tend to offer lower prices to account for these additional processing expenses.

Furthermore, the demand for copper in its pure form typically governs spot prices, whereas the recycling market’s demand influences scrap copper prices. This demand can fluctuate based on economic conditions and the need for copper in manufacturing and construction.

The costs associated with recycling — including collection, transportation and processing — also play a significant role in determining the price offered for scrap copper. These expenses reduce the overall profitability of recycling copper, thus impacting the price that scrap dealers are willing to pay.

Lastly, the condition of the scrap copper affects its price. Clean, sorted and higher-grade scrap generally fetches a higher price than mixed or contaminated copper due to the lower level of processing required.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Tony Dong

BLUEPRINT

Tony Dong is a freelance financial writer with bylines in U.S. News and World Report, the NYSE, the Nasdaq, The Motley Fool and Benzinga. He lives in Vancouver, Canada and is an avid watch collector.

Farran Powell

BLUEPRINT

Farran Powell is the lead editor of investing at USA TODAY Blueprint. She was previously the assistant managing editor of investing at U.S. News and World Report. Her work has appeared in numerous publications including TheStreet, Mansion Global, CNN, CNN Money, DNAInfo, Yahoo! Finance, MSN Money and the New York Daily News. She holds a BSc from the London School of Economics and an MA from the University of Texas at Austin. You can follow her on Twitter at @farranpowell.