U.S. Copper Price Drops to $6,013 per Ton, Losing 25% from January

U.S. Copper Export Price per Ton August 2022

In August 2022, the copper price per ton amounted to $6 per kg, surging by 62% against the previous month. Overall, the export price, however, showed a noticeable reduction. Over the period under review, the average export prices attained the peak figure at $8 per kg in January 2022; however, from February 2022 to August 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In August 2022, the country with the highest price was the Philippines ($10 per kg), while the average price for exports to Belgium ($2.3 per kg) was amongst the lowest.

From January 2022 to August 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+31.4%), while the prices for the other major destinations experienced more modest paces of growth.

U.S. Copper Exports

After five months of growth, overseas shipments of copper decreased by -65.4% to 372 tons in August 2022. In general, exports showed a mild setback. The most prominent rate of growth was recorded in July 2022 with an increase of 58% month-to-month. As a result, the exports reached the peak of 1.1K tons, and then dropped remarkably in the following month.

In value terms, copper exports shrank rapidly to $2.2M (IndexBox estimates) in August 2022. Overall, exports showed a abrupt contraction. The most prominent rate of growth was recorded in June 2022 with an increase of 27% m-o-m. The exports peaked at $4M in July 2022, and then reduced markedly in the following month.

U.S. Copper Exports by Country

India (163 tons) was the main destination for copper exports from the United States, accounting for a 44% share of total exports. Moreover, copper exports to India exceeded the volume sent to the second major destination, South Korea (76 tons), twofold. Italy (42 tons) ranked third in terms of total exports with an 11% share.

From January 2022 to August 2022, the average monthly rate of growth in terms of volume to India totaled +26.3%. Exports to the other major destinations recorded the following average monthly rates of exports growth: South Korea (-7.6% per month) and Italy (+10.2% per month).

In value terms, the largest markets for copper exported from the United States were South Korea ($734K), India ($584K) and Italy ($421K), together accounting for 78% of total exports. These countries were followed by Indonesia, Mexico, the Philippines and Belgium, which together accounted for a further 18%.

Mexico, with a CAGR of +41.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform