Where Data Tells the Story
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Average monthly copper prices reached an all-time high of $13,012 per metric ton ($5.90 per pound) in January 2026, up 45% year over year. Since 2000, copper prices have risen at an average annual rate of 8.5%, shaped by global growth cycles, supply constraints, and the green transition.
The 2000s were marked by a China-driven commodity supercycle, with prices climbing from under $1 per pound in 2003 to over $4 by 2008, before collapsing during the global financial crisis. After peaking again in 2011, prices declined amid slower Chinese growth and expanded mine supply.
Since 2020, pandemic-related disruptions tightened supply, while demand rebounded sharply. Copper prices surged to new highs above $4.70 per pound in 2021 and have climbed another 40% since 2022, despite weaker global growth—reflecting limited new mining investment, political disruptions in Latin America, and rising demand from electrification and green technologies.