Copper Price in 1998

In 1998, the price of copper averaged $0.75 per pound, down 27.2% from the year before. This page covers the 1998 average, high, low, and year-end close, the events that moved the market, and what that copper would be worth in today's dollars.

1998 Average

$0.75

LME/COMEX annual average, USD/lb

Change vs 1997

-27.2%

from $1.03 in 1997

1998 High

$0.86

from daily trading data

1998 Low

$0.66

from daily trading data

Year-End Close

$0.67

last trading day of 1998

What happened to the copper price in 1998

Copper averaged $0.75 per pound in 1998, sliding 27.2% from the $1.03 average of 1997. Daily trading data shows copper moved between a low of $0.66 and a high of $0.86 during the year, ending 1998 at $0.67. The notable development of 1998: Russian default; LTCM collapse.

The 1990s were choppy and ultimately weak. Copper rallied mid-decade before the 1997-98 Asian financial crisis, the Russian default, and the LTCM collapse hammered industrial demand, leaving copper near a twelve-year low around $0.71 by 1999.

Adjusted for inflation, copper's 1998 average of $0.75 equals about $1.48 in today's dollars. The conversion uses US Bureau of Labor Statistics CPI-U annual averages, so treat it as a close approximation rather than an exact figure.

Frequently Asked Questions

What was the price of copper in 1998?

Copper averaged $0.75 per pound in 1998, based on LME and COMEX annual average data. Daily prices ranged from a low of $0.66 to a high of $0.86, and the year closed at $0.67. That average was down 27.2% from $1.03 in 1997.

What is a 1998 copper price worth in today's dollars?

Adjusted with the US Consumer Price Index, copper's 1998 average of $0.75 works out to roughly $1.48 in today's dollars, using 2025 as the CPI base year. The conversion uses BLS CPI-U annual averages, so treat it as a close approximation rather than an exact figure.

What moved the copper price in 1998?

The defining story of 1998: Russian default; LTCM collapse. Against that backdrop, the annual average fell 27.2%, from $1.03 in 1997 to $0.75.

Annual averages are LME and COMEX copper prices per pound in US dollars. Where shown, the yearly high, low, and close come from MetalCharts daily historical data and may differ slightly from figures published elsewhere. Inflation adjustments use BLS CPI-U annual averages.