Copper Price in 2023

In 2023, the price of copper averaged $3.85 per pound, down 3.5% from the year before. This page covers the 2023 average, high, low, and year-end close, the events that moved the market, and what that copper would be worth in today's dollars.

2023 Average

$3.85

LME/COMEX annual average, USD/lb

Change vs 2022

-3.5%

from $3.99 in 2022

What happened to the copper price in 2023

Copper averaged $3.85 per pound in 2023, down 3.5% from $3.99 the year before. The notable development of 2023: Steady demand; mine supply tight.

The 2020s have been a structural bull market for copper. After a COVID crash to $2.10, unprecedented stimulus, tight mine supply, and surging demand from electric vehicles, renewables, and AI data centers drove copper to fresh records above $5 a pound.

Adjusted for inflation, copper's 2023 average of $3.85 equals about $4.07 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 2023?

Copper averaged $3.85 per pound in 2023, based on LME and COMEX annual average data. That average was down 3.5% from $3.99 in 2022.

What is a 2023 copper price worth in today's dollars?

Adjusted with the US Consumer Price Index, copper's 2023 average of $3.85 works out to roughly $4.07 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 2023?

The defining story of 2023: Steady demand; mine supply tight. Against that backdrop, the annual average fell 3.5%, from $3.99 in 2022 to $3.85.

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.