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In September, 3M LME copper traded between $9,844 and $10,485. Prices came under pressure at the start of the month as expectations for a Federal Reserve rate cut strengthened, driving copper down to $9,844. However, falling refined copper production in China raised supply concerns and supported the market. Later in the month, the Fed cut its policy rate by 25 basis points to 4.00–4.25%, in line with expectations. Chair Jerome Powell indicated that gradual monetary easing could continue. While the stronger U.S. dollar limited the upside, optimism over U.S.–China trade talks and renewed supply risks supported prices. On September 25, following an accident at Freeport Indonesia’s Grasberg mine, one of the world’s largest copper producers, force majeure was declared and production was suspended. This drove copper to $10,485, its highest level since 29 May 2024. The metal closed September with a 3.94% gain at $10,296.
During the first week of September, copper traded between $9,844 and $10,038. On September 3, prices tested $10,038, the highest level since March, supported by a positive economic outlook in both the U.S. and China. However, profit-taking and a rebound in the dollar prevented further gains. Although falling Chinese refined copper production raised supply concerns, weaker U.S. employment data strengthened expectations of a Fed rate cut, which weighed on prices. Copper ended the week down 0.41% at $9,865.
In the second week, copper started at $9,883 and gained momentum from weak U.S. labor data, which reinforced expectations of Fed easing and pushed prices above $10,000. Midweek, new U.S. tariffs prompted global funds to reduce positions, briefly pressuring the market. However, declining LME inventories and renewed demand expectations in China triggered a sharp rebound. On Friday, copper climbed to $10,126 before closing the week at $10,064, marking a strong performance.
In the third week, weak Chinese data weighed on prices early on, but optimism over progress in U.S.–China trade talks lifted copper to $10,192.5, its highest level since June 2024. Although volatility increased due to dollar strength after the Fed’s rate decision, Chinese buyers engaged in pre-holiday restocking ahead of the October break, helping the market recover. Copper pulled back from $9,917 but finished the week at $9,962.
In the fourth week, copper prices began the week on a stronger note, supported by supply concerns after Grasberg mine operations were suspended. While the stronger dollar limited upside potential, copper rose to $10,485 on September 25, the highest since May 2024. It ended the week up 2.09% at $10,205.
In the final trading days of September, which overlapped with China’s National Day holiday, copper came under pressure from profit-taking following its rally to a 15-month high. Despite restocking demand in China ahead of the holiday, high prices and uncertainty over U.S. interest rates dampened risk appetite. Copper closed the month at $10,296, down 1.27% on the day.
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Three-month LME copper prices traded in the range of $9,576 – $9,924.5 in August. At the beginning of the month, prices fell to $9,576 due to rising LME inventories. However, weaker-than-expected U.S. employment data strengthened expectations of a Federal Reserve rate cut in September, while the U.S. dollar weakened, supporting prices.
The resumption of production at Chile’s El Teniente mine, operated by Codelco, eased supply concerns. Meanwhile, news of an extension to the U.S.–China trade truce and continued expectations of Fed rate cuts further bolstered the market. Toward the end of the month, statements from Nvidia on increased AI investments reinforced expectations that technological developments would boost copper demand. Consequently, copper prices climbed to $9,924.5 on the last trading day of the month, closing August with a 3.11% gain at $9,906.
In the first week of August, weaker-than-expected U.S. employment data and a softer dollar supported prices, but rising LME inventories created short-term pressure. The accident at Chile’s El Teniente mine, operated by Codelco, initially raised supply concerns, but the resumption of production helped ease them, and LME copper ended the week up 1.40% at $9,768.
During the second week, news that the U.S.–China trade truce would be extended and a weaker dollar following U.S. inflation data pushed prices higher, reaching $9,865 on August 12. However, uncertainties surrounding tariffs, the war in Ukraine, Chinese demand, and U.S. interest rates caused selling pressure at higher levels, and copper closed the week with a slight 0.08% decline at $9,760.
In the third week, the U.S. decision to expand import tariffs put pressure on prices at the start of the week. Optimism regarding the tariff process and expectations ahead of the Jackson Hole symposium supported prices later, helping copper end the week with a 0.50% gain at $9,809.
The final week of August began with low trading volumes due to the U.K. bank holiday. Copper prices turned higher after former President Trump announced he would dismiss Fed official Lisa Cook, raising questions about Fed independence while fueling expectations of rate cuts. The weaker dollar added to the upward momentum. On the last trading day of the month, copper climbed to $9,924.5 and closed August with a 3.11% gain at $9,906.
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In July, 3M LME copper prices traded within the range of $9,553.5 to $10,020.5. At the beginning of the month, strong manufacturing data from China surpassing both the critical 50-point expansion threshold and analyst expectations boosted global demand outlooks. This drove copper prices to $10,020.5 on July 2, marking the highest level since March 26. However, stronger-than-expected U.S. employment data in the following days raised expectations that the Federal Reserve might delay interest rate cuts, strengthening the U.S. dollar and placing downward pressure on copper prices. As a result, copper ended the first week of July with a 0.27% loss at $9,852.
In the second week, prices climbed to $9,888.5 but soon declined following news that Chile’s copper exports had increased by 17.5% year over year in June, raising concerns over rising supply. In addition, former U.S. President Donald Trump’s announcement of a proposed 50% tariff on copper imports led to a sharp drop in investor sentiment. Consequently, LME copper prices fell by 1.92% to close the week at $9,663. Meanwhile, COMEX copper surged by 12% following the tariff announcement, hitting an all time high. COMEX copper inventories also reached their highest level since 2018.
During the third week, stronger than expected economic data from both China and the U.S. supported expectations of increased Chinese copper purchases, driving prices higher. However, the upcoming implementation of a 50% import tariff scheduled for August 1 capped further gains. 3M LME copper ended the week up 1.36% at $9,794.5.
In the fourth week of July, copper prices were supported by a weakening dollar and a statement from China’s Ministry of Industry pledging to stabilize the machinery, automotive, and electrical equipment sectors. Prices rose as high as $9,965. However, as the August 1 tariff deadline approached, investor caution led to widespread position-closing, erasing most gains. 3M LME copper ended the week with a marginal 0.02% gain at $9,796.
In the final week of the month, optimism over resumed trade and economic talks between senior U.S. and Chinese officials pushed copper prices up to $9,856.5. But with investors continuing to unwind open positions ahead of the August 1 implementation of 50% metal import tariffs, prices declined to $9,571.5. A subsequent U.S. announcement exempting refined copper from the tariffs provided limited support, and copper finished the week down 1.66%, closing the month with a total loss of 2.74% at $9,607.
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In June 2025, 3 M LME copper prices traded within the range of $9,511 to $9,917, reflecting a month marked by a complex interplay of global trade dynamics and geopolitical developments. The month began with prices at relatively subdued levels due to market pressures stemming from the global trade war initiated by U.S. President Trump. However, copper gained momentum as hopes for a potential trade agreement between the U.S. and China emerged.
During the first week, copper prices rose supported by a weakening U.S. dollar, which typically makes dollar-denominated commodities more attractive. Despite renewed trade tensions between the U.S. and China and ongoing supply chain concerns limiting gains, copper ended the week up 1.83%, closing at $9,670.5.
The second week started with optimism fueled by progress in U.S.-China trade talks and expectations of resolving the trade war, alongside continued dollar weakness. However, escalating uncertainty over trade tariffs and mounting tensions in the Middle East reversed these gains, causing copper to close the week down 0.24% at $9,647.5.
In the third week, encouraging consumer spending data from China raised hopes for increased metal demand, driving prices higher. Nevertheless, airstrikes between Israel and Iran, regional instability, concerns about global economic growth, and a strengthening U.S. dollar weighed on prices. Copper gave back most of its gains, ending the week with a modest 0.13% increase at $9,660.5.
In the final week, copper surged to a monthly peak of $9,917, supported by a weakening dollar and improved risk sentiment following a temporary ceasefire between Iran and Israel. Despite persistent worries about potential U.S. tariffs on copper imports, prices ended the week up 2.26% at $9,879.
On the last trading day of June, copper traded in a narrow range as investors awaited clarity on U.S.-China trade negotiations and tariff implementations. Copper prices closed with a slight loss of 0.01% at $9,878 but finished the month with a strong 4.01% gain overall.
Overall, June’s copper market was shaped by a balancing act between trade optimism and geopolitical risks. Moving forward, copper prices will likely remain sensitive to developments in trade relations, Middle East tensions, and currency fluctuations, which will continue to influence demand and price trends.
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In May, 3M LME copper traded within the range of $9,125 to $9,664. At the beginning of the month, prices remained weak due to the pressure stemming from the global trade war that began during the Trump administration. However, signs of a possible trade agreement between the U.S. and China supported an upward trend in copper prices. Concerns over supply disruptions at some mines further reinforced this bullish momentum. Additionally, a weakening U.S. dollar and improving sentiment regarding global trade tensions contributed to the rally. As a result, copper ended the month with a 4.07% gain, closing at $9,497.
Copper prices began May with losses, driven by a strengthening U.S. dollar despite expectations that tensions between the U.S. and China would ease. The market ended the first week of the month nearly flat, posting a slight weekly loss of 0.04% to close at $9,356.
After a weak start to the month, copper prices rebounded in the second week. Optimism around the possibility of the first trade agreement following the global trade war initiated by Trump boosted risk appetite. As a result, 3M LME copper closed the week with a 0.89% gain at $9,439.
During the third week of May, copper prices climbed to the month's highest level of $9,664, supported by optimism surrounding a tariff truce between China and the United States. However, concerns over long-term demand for the metal weighed on prices, causing a retreat to $9,430. Copper ended the week with a marginal gain of 0.01%, closing at $9,440.
In the fourth week, prices retreated from their monthly peak seen the previous week due to lingering uncertainty over global economic growth and weaker demand expectations for copper following the trade war. Nonetheless, losses were offset by a weakening dollar and renewed supply concerns stemming from seismic activity at the massive Kamoa-Kakula copper mine in the Democratic Republic of Congo. Copper ended the week with a 1.84% gain, closing at $9,614.
Production was temporarily halted at the Kamoa-Kakula mine that Africa's largest and one of the world’s most significant copper mines due to seismic activity.
In the final week of May, copper found support after a U.S. federal court challenged Trump’s decision to impose import tariffs. However, the court's later reversal of that stance, combined with a strengthening dollar toward month-end, put pressure on prices. Consequently, 3M LME copper finished the last week of May with a 1.22% loss at $9,497.
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3M LME copper traded between $8105-$9794 in April. LME copper, which began April 2025 with concerns about global trade wars, fell from $9794 on concerns about Trump’s threat to impose tariffs on semiconductor metals. Copper prices tested the lowest level since November 13, 2023 at $8105 on Monday, April 7, 2025, as investors feared a recession due to China’s retaliation against the US after Trump’s tough stance on tariffs. 3M LME copper closed April at $9125.5, down 5.83%.
Copper prices experienced losses in the first week of April following Trump's tax announcements as investors worried that new sweeping tariffs in the US would slow global growth and hurt industrial demand for metals. As a result, they tested the lowest level since March 13, 2024 at $8644 on Friday, April 4, 2025. Copper prices finished the week down 11.18% at $8690 following Trump's sweeping tariff announcement.
Copper prices started the second week of April with losses. Copper prices tested the lowest level since 13.11.2023 at $8105 on Monday, 07.04.2025, as investors were driven to automatic stops after Trump’s tough stance on tariffs and China’s retaliation against the US escalated concerns about the global trade war, raising fears of a recession. Copper prices closed the week at $9184, up 5.68% towards the end of the week, supported by a weaker dollar and improved market sentiment following Trump’s recent decision to temporarily halt heavy tariffs imposed on some countries, as well as increased risk appetite.
London copper prices tried to recover from the major losses in the first week of April in the third week of April. Copper prices fell to $9028.5 this week as trade tensions between the US and China increased and were overshadowed by positive data from China. Copper prices rose to $9279.5 towards the end of the week, supported by the market sentiment that investors expected some kind of agreement in the trade war, and closed the third week of April with a 0.76% gain at $9254.
Copper prices, which have been suppressed by the tensions of the trade wars, managed to move at a gain for three consecutive weeks in the fourth week of April. Copper prices fell to $9252.5 as Trump's increasing criticism of the Fed Chairman shook investors' confidence in the US economy. After their losses, copper prices rose to $9481.5 as Trump said import tariffs on major consumer China could be reduced, easing concerns about the trade wars, and finished the week at $9360 with a 1.15% gain.
Copper prices rose to $9480 in the last week of April on expectations of an easing of trade tensions between the US and China, but gave up their gains as the dollar strengthened, falling to $9088.5 and finished the week that ended April but began May almost flat at $9356, down 0.04%.
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3M LME copper traded between $9,327 and $10,164.5 in March. 3M LME copper fell to $9,327 in early March after the US imposed tariffs on Canada, Mexico and China. Copper prices tested the highest level since June 7 at $10,164.5 on Wednesday, March 26, 2025, supported by investors waiting for more stimulus plans with the Chinese Congress held from 5-11/03, traders expecting the US to impose tariffs on copper and US importers aggressively stockpiling copper. 3M LME copper ended March with a 3.51% gain to $9,690.
Copper prices fell to $9,327 in the first week of March, under pressure from the US tariffs on Canada, Mexico and China. However, 3M LME copper rose to $9,739, its highest level since November 5, supported by the weakening dollar and investors waiting for more stimulus plans as the Chinese Congress began, and ended the week with a 2.57% gain to $9,602.
3M LME copper remained under pressure at the start of the week, falling to $9,455.5 as the U.S. assesses uncertainties surrounding tariff policies in the second week of March. However, the weak dollar, the reduction in existing stocks in the LME system and signs of improving demand in leading metals consumer China led to a rally to $9,850, the highest level since Oct. 9, and ended the week up 1.99% at $9,793.
Copper prices tested the highest level since October 3 at $10,046.5 in the third week of March as traders awaited possible tariffs on copper by the US. Potential tariffs have US importers aggressively stockpiling copper, making Comex copper $1,250 per tonne more expensive than LME copper. Major commodity traders such as Trafigura, Glencore and Gunvor have started to divert copper destined for Asia to the US. Copper prices also held up after a media report that China plans to expand its strategic industrial metal reserves, but gave back some of its gains as the dollar strengthened, finishing the week at $9,852, up 0.60%.
3M LME copper continued its upward trend throughout March and nearly held onto its gains in the last week of April. Copper prices rose sharply after Trump threatened to impose tariffs on industrial metal imports. Copper prices tested the highest level since June 7, 2024 at $10,164.5 on Wednesday, March 26, 2025, as US importers continued to aggressively stockpile copper. Copper prices gave up gains after Trump announced a 25% tariff on automotive imports and investors closed positions at high levels, closing the week down 0.70% to $9,783.5.
Copper prices in London edged lower on March 31, ending March at $9,690 as investors awaited details of Trump's tariff announcement.
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3M LME copper traded between $8914.5 and $9684.5 in February. 3M LME copper fell to $8914.5 in China on Thursday, February 6, 2025, as Trump’s 10% tariff on imports from major metals consumer China increased trade war concerns and created uncertainty in the markets.Copper prices rose to $9684.5, the highest level since November 8, 2024, and closed February at a 3.28% premium to $9361, supported by a media report that Chinese authorities are exploring plans to help major real estate firm Vanke close its financing gap and the expectation that US President Donald Trump’s plans for bilateral global tariffs will not come into effect before April.
Copper prices fell to $8914.5 at the beginning of the first week of February as Trump’s 10% tariff on imports from China increased trade war concerns and created uncertainty in the markets.3M LME copper extended gains throughout the week, rising to $9507, and closing the week at $9440, up 4.15% on news of additional tariffs on the US by China amid the tariff dispute with the US and ongoing concerns about demand in the world’s second-largest economy, and focus on whether China will announce more stimulus measures to boost its economy.
3M LME Copper prices rose to $9684.5, the highest since November 8, in the second week of February, supported by a media report that Chinese authorities are exploring plans to help major real estate company Vanke close its financing gap and the expectation that US President Donald Trump’s plans for bilateral global tariffs will not come into effect until April. Copper spreads moved sharply after news that the US will not implement tariffs on China until April, sending the market, which has been in contango for 19 months, into backwardation on February 14, 2025. LME copper ended the week up 0.26% at $9465. The cash settlement price on Friday, February 14, 2025, was announced as $9812. The cash settlement price for 3M LME copper on the same day was announced as $9665.
Copper prices fell to $9361 in the third week of February after Trump's threat to impose 25% tariffs on autos and semiconductor chips raised concerns about demand for the metal. But they rose to $9575, supported by Trump's signaling he was close to reaching a new trade deal with top consumer China, and ended the week up 0.53% at $9515.5.
3M LME copper traded between $9324 and $9555 in the last week of February. Copper prices fell to $9324 after Trump ordered an investigation into possible new tariffs on copper imports aimed at boosting U.S. copper production. The week ended down 1.62% at $9361, under pressure due to uncertainty over Trump’s tariff plans and a stronger dollar.
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3M LME copper traded between $8766 and $9355.5 in January. 3M LME copper fell to $8766 on Thursday, January 2, 2025, as demand weakened after the manufacturing purchasing managers index fell to 50.1 in December, below expectations of 50.3, according to data released in early January in China, and the data showed that the manufacturing sector in China grew for the third consecutive month in December, but the pace of growth slowed. Copper prices, which rose to $9355.5 on Friday, January 24, 2025, capped gains as investors sought clarity on U.S. President Donald Trump’s tariffs and policy plans, closing January at a 3.22% gained to $9064.
Copper prices fell in the first week of January as investor activity weakened due to the Christmas holidays. They fell after factory activity data from China missed expectations. 3M LME Copper recovered some of its losses towards the end of the week on expectations that China will pursue more proactive policies to stimulate growth, but ended the week lower. 3M LME copper ended the first week of January down 0.98% at $8,893.5.
3M LME copper traded between $8851 and $9145 in the second week of January. It rose to $9145 after news that US President-elect Donald Trump was considering tariffs that would only be applied to critical imports. Copper, which gave back some of its gains after the US employment data on Friday, closed the second week of January with a 2.02% gain at $9073.5.
Copper prices, although the range was narrow and traded between $9063.5 and $9290 in the third week of January due to expectations of further interest rate cuts in the US and uncertainty over possible tariffs by US President-elect Donald Trump, it rose to $9290 after strong data from China. 3M LME copper ended the week up 1.19% at $9181.5.
It fell to $9142 as Trump's policy plans were unclear in the fourth week of January. 3M LME copper traded between $9142 and $9355.5 in the week. However, it gained support from the weakening dollar and rose to $9355.5, capping gains as President Trump sought clarity on tariffs and policy plans, before closing at $9269, up 0.95%.
Copper prices traded between $8957 and $9267 in the last week of January. Copper prices rose to $9267, supported by purchases at low levels, but fell to $8957 due to weak demand from China and news that Trump will impose tariffs on aluminum and copper, which the US needs to produce military hardware, and closed the week with a 2.21% loss at $9064.
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In December, 3M LME copper traded between $8757 and $9314. It rose to $9314 on Wednesday, December 11, 2024, on expectations that China would ease its monetary policy to stimulate economic growth. Copper prices have been on a downward trend throughout December as concerns about the US and Chinese economies stemmed from the new policies to be pursued by Donald Trump, who was elected US President in November. After the Chinese manufacturing purchasing managers index fell to 50.1 in December, below expectations of 50.3, LME copper fell to $8757 on the last day of the month on concerns that copper demand would decrease, and closed December with a 2.59% loss at $8781.5.
Copper prices rose in early December due to signs of increased optimism following the positive PMI data from China, but fell to $8904 as the strengthening US dollar and uncertainty about possible US tariffs affected the market. Copper prices rose to $9178.5 as investors awaited further signs of stimulus measures from leading consumer China, and closed the first week of December with a 0.86% gain at $9092.5.
3M LME copper tested the highest level since November 12 at $9,314, supported by major consumer China's announcement that it will ease monetary policy and adopt a proactive fiscal policy to support growth in 2025. The second week of December ended down 0.40% at $9,056.5, under pressure from uncertainty about the size of the economic stimulus promised at China's key policy meeting and expectations of oversupply in the global copper market in 2025.
Copper prices tested the lowest level since August 12 at $8859.5, under pressure from the dollar reaching a nearly two-year peak after the Fed announced it would cut interest rates at a slower pace in 2025. Although supported by positive economic indicators from the US as the week ended, it finished the third week of December down 1.24% at $8944.
Copper prices started the fourth week of December with losses as pre-Christmas volumes remained low and the dollar strengthened, but were supported by hopes of additional fiscal stimulus in China, the largest consumer. The London Metal Exchange remained closed for the Christmas holiday on 25-26/12. 3M LME Copper prices moved in narrow ranges as a strong dollar limited gains and investors avoided trading during the Christmas period, but found support from tight copper supplies and ended the week up 0.42% at $8981.5.
3M LME copper began the last week of December with losses as trading volumes were low due to the January 1 New Year holiday and ahead of economic data from China, the world's largest consumer of the commodity. Copper prices ended December down 2.59% at $8781.5.
3M LME copper traded between $8,127 and $11,104.5 in 2024. Demand slowing ahead of the Chinese New Year holiday weighed on the price. LME copper extended losses on Friday, February 9, 2024, falling to $8,127, despite reports that China is supporting its economy with financial measures. Copper prices began to rise after Russian metals were restricted on March 13 and later. The meeting in Beijing came after 19 Chinese smelters were hit by unexpected copper concentrate supply shortages that were affecting smelters’ profit margins. Antaike said copper companies agreed to accelerate the purchase and use of domestic scrap copper to increase raw material supply. This supply shortage has added to the gains in copper prices. In addition, the Central Bank of China has provided additional financing of $138 billion to support construction companies and the real estate sector, which have been in crisis since 2021, while easing the conditions for obtaining housing loans, and with the support of local governments' statements that they will purchase houses and good Chinese industrial data, it tested its all-time high of $11104.5 on Monday, May 20, 2024, and completed 2024 with a 2.56% gain at $8781.5.
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