Copper price in June 2024

In June 2024, the price of copper has shown notable behavior in the international market. Throughout the month, the price of copper has remained in a range between $4.60 and $4.65 USD per pound. This value represents a significant increase compared to the same period of the previous year, with an annual variation of 22.44%.

The rise in copper prices has been primarily attributed to a combination of factors including limited supply and sustained demand in the industry. In particular, the Chilean Copper Commission (Cochilco) has adjusted its projections upward, anticipating an average price of $4.3 USD per pound for the entire year 2024, due to a lower global supply of the mineral.

Additionally, markets have been seeing increased volatility, influenced by strategic decisions by large producers such as Chinese smelters, which have reduced their production due to tight supplies of copper ore and concentrate. These actions have raised expectations of tighter supply, driving prices higher in key markets such as London and Shanghai.