Depending on how you want to look at it, copper prices are either up or down.
After briefly dropping below $4 a pound last week, copper prices are back to almost $4.30 a pound, following news out of China that demand is on the upswing.
But, when compared to copper prices from two weeks ago, copper prices are down about 10 cents a pound.
tED magazine reported copper prices dipped to $3.96 a pound 8 days ago on August 19th. It ended the week on August 20th at $4.08 a pound.
This week, China announced it is having some success containing the latest COVID outbreak, and planned to ramp up demand for copper. It didn’t take long for the price of copper to respond.
By the end of trading on Monday, August 23, copper prices were close to $4.24 a pound, and by Tuesday, August 24 the price jumped to $4.30 at one point before settling back at $4.26.
With ongoing labor issues at the world’s largest copper mines in Chile, copper prices remained at that level heading into the weekend.
But if you look at the price of copper over a two-week period, instead of a one week stretch, the price is actually down from a high of $4.38 on August 13.
Over a 30-day period, the price of copper is down after reaching a high of $4.45 a pound on July 29, and has steadily dropped since that time.
And compared to one year ago, the price of copper is up about $1.25 a pound from August of 2020.
Analysts are still speculating that the price of copper will remain in the current range for the rest of 2021.Tagged with Biggest News