Updated 27 March 2026
Copper Price History
From $0.64/lb in 1975 to $4.52/lb today. Copper has been through oil crises, the China supercycle, a financial crisis crash, and now the energy transition.
Key Milestones
All-time high
$5.20/lb
May 2024
Driven by EV production ramp and AI data centre construction
All-time low (modern era)
$0.60/lb
1982
Volcker recession, strongest dollar in decades
Biggest single-year gain
+136%
2009-2010
Recovery from financial crisis, Chinese stimulus
Biggest single-year drop
-54%
2008
Global financial crisis, Lehman collapse
Longest bull run
2001-2008
7 years
China supercycle, $0.60 to $4.08
Longest bear run
2011-2016
5 years
China slowdown, oversupply, strong dollar
Price Timeline (1975-2026)
| Year | Price/lb | What Happened |
|---|---|---|
| 1975 | $0.64 | Post-oil crisis recession |
| 1980 | $1.01 | Inflation peak, commodities boom |
| 1985 | $0.64 | Strong dollar, weak demand |
| 1990 | $1.21 | Pre-recession peak |
| 1995 | $1.33 | Asian industrial growth |
| 2000 | $0.82 | Dot-com bust, weak manufacturing |
| 2003 | $0.81 | China's WTO entry starts commodity supercycle |
| 2006 | $3.05 | China construction boom, mine supply tight |
| 2008 (May) | $4.08 | Pre-crisis all-time high |
| 2008 (Dec) | $1.30 | Financial crisis crash (-68% in 6 months) |
| 2011 | $4.00 | Post-crisis recovery, QE-driven commodity rally |
| 2016 | $2.21 | China slowdown, commodity bear market bottom |
| 2020 (Mar) | $2.12 | COVID crash |
| 2021 | $4.26 | Post-COVID stimulus, supply chain disruptions |
| 2022 (Mar) | $4.87 | Russia-Ukraine war, supply fears |
| 2024 (May) | $5.20 | All-time high. EV and AI data centre demand surge |
| 2025 | $4.40 | Consolidation after 2024 highs |
| 2026 (current) | $4.52 | Steady demand, constrained supply |
The Four Eras of Copper
1. The Industrial Era (1975-2000): $0.60-$1.50/lb
Copper traded in a narrow range driven by traditional industrial demand: construction, electronics, and automotive. Prices spiked during inflationary periods (early 1980s) and dipped during recessions.
2. The China Supercycle (2001-2011): $0.60 to $4.00/lb
China joined the WTO in 2001 and embarked on the largest infrastructure build-out in history. Copper demand doubled in a decade. Prices rose 7x from their 2001 lows. The 2008 financial crisis caused a sharp but brief correction.
3. The Commodity Bear (2011-2020): $4.00 back to $2.00/lb
China's growth decelerated. New mines opened (responding to high prices). The dollar strengthened. Copper gradually fell from $4.00 to $2.00 over five years, with COVID briefly pushing it to $2.12.
4. The Energy Transition (2020-present): $2.00 to $5.20/lb
Electric vehicles, renewable energy, AI data centres, and grid modernisation created a new structural demand driver. Unlike the China supercycle, this demand is global and accelerating. Supply has not kept pace, pushing prices to all-time highs.