For the Quarter Ending December 2025
North America
• In the USA, the Copper Plate Price Index rose by 1.88% quarter-over-quarter, reflecting supply tightness.
• The average Copper Plate price for the quarter was approximately USD 17499.67/MT, per industry sources.
• Copper Plate Spot Price strength reflected low cathode availability and pressure on the Price Index.
• Copper Plate Price Forecast indicates near-term appreciation driven by infrastructure demand and constrained concentrate flows.
• Copper Plate Production Cost Trend shows higher feedstock premiums from South American outages, pressuring margins.
• Copper Plate Demand Outlook remains firm due to AI data centre and grid modernisation procurement.
• Inventory draws and elevated export inquiries tightened availability, supporting the Price Index and supplier leverage.
• Section 232 tariffs insulated domestic mills, keeping premiums elevated and sustaining Copper Plate Price Index.
Why did the price of Copper Plate change in December 2025 in North America?
• Reduced concentrate supply from major mines tightened feedstock availability, lifting marginal plate premiums and prices.
• Year-end restocking and infrastructure project call-offs increased demand, supporting spot liquidity and near-term offtake volumes.
• Tariff barriers and higher treatment charges raised landed costs, limiting import relief and substitution.
APAC
• In Japan, the Copper Plate Price Index rose by 2.797% quarter-over-quarter, reflecting tighter feedstock availability.
• The average Copper Plate price for the quarter was approximately USD 13586.00/MT, reflecting pre-holiday demand.
• Copper Plate Spot Price remained range-bound amid lean merchant inventories and firmness from converter buying.
• Copper Plate Price Forecast points to modest upside as mine disruptions sustain cathode prompt competition.
• Copper Plate Production Cost Trend rose as higher cathode premiums and electricity tariffs pressured margins.
• Copper Plate Demand Outlook remains constructive with automotive and electronics pull supporting steady utilisation, premiums.
• Copper Plate Price Index firmed as converters competed for scarce cathode; inventories remained below averages.
• Copper Plate inventories stayed tight, amplifying sensitivity to incremental export inquiries and mine maintenance timing.
Why did the price of Copper Plate change in December 2025 in APAC?
• Supply-side tightness from mine outages and reduced concentrate flows tightened prompt availability for Japanese converters.
• Weakened yen and higher cathode premiums increased import-adjusted costs, supporting slightly firmer domestic Price Index.
• Pre-holiday procurement and lean merchant stocks amplified upward pressure despite balanced demand, stable LNG costs.
Europe
• In Germany, Copper Plate Price Index rose by 5.86% quarter-over-quarter, driven by tighter mill inventories.
• The average Copper Plate price for the quarter was approximately USD 17062.67/MT, per metric tonne.
• Copper Plate Spot Price remained stable as balanced supply and steady downstream pull supported prices.
• Copper Plate Price Forecast indicates modest upside as supply disruptions and year-end restocking increase tightness.
• Copper Plate Production Cost Trend reflects elevated energy tariffs and higher TC/RCs, pressuring mill margins.
• Copper Plate Demand Outlook remains supportive: renewable energy, EVs, data-centre investment offset weaker construction activity.
• Copper Plate Price Index momentum reflected inventory draws and reduced finished stocks, amplifying upward bias.
• Export demand and constrained cathode inflows tightened supply, while major mills maintained near-nameplate runs overall.
Why did the price of Copper Plate change in December 2025 in Europe?
• Supply disruptions, Aurubis output cuts and Chilean protest stoppages reduced cathode inflows, tightening European availability.
• Elevated electricity and gas tariffs raised production costs, squeezing mill margins and supporting price increases.
• Year-end restocking, distributor safety-stock builds and brisk renewable and EV component demand sustained spot buying.
For the Quarter Ending September 2025
North America
• In the USA, the Copper Plate Price Index rose by 10.54% quarter-over-quarter, driven by supply tightness.
• The average Copper Plate price for the quarter was approximately USD 17321.67/MT, reflecting tariff-driven costs.
• Copper Plate Spot Price ended the quarter firm as inventories tightened and export inquiries increased.
• Copper Plate Price Forecast indicates near-term firmness supported by constrained cathode supply and industrial consumption.
• Copper Plate Production Cost Trend rose with import duties and higher freight pressuring mill margins.
• Copper Plate Demand Outlook strong as data-center builds and EV electrification continue driving industrial demand.
• Copper Plate Price Index volatile due to tariff shifts, mill utilization swings and inventory adjustments.
• Inventories remained lean at warehouses while Asian export demand underpinned U.S. premiums and procurement urgency.
Why did the price of Copper Plate change in September 2025 in North America?
• Concentrate shortages and a major Peruvian mine outage tightened cathode supply, reducing domestic plate availability.
• Sustained industrial demand from data centers and automotive sectors maintained procurement, offsetting downward pressure modestly.
• Tariff-driven landed cost increases and elevated freight and trucking surcharges amplified price support during September.
APAC
• In Japan, the Copper Plate Price Index fell by 1.25% quarter-over-quarter, due to export headwinds.
• The average Copper Plate price for the quarter was approximately USD 13377.67/MT on FOB Osaka
• Tight feedstock and concentrate shortages pushed Copper Plate Spot Price volatility, tightening availability for mills
• TC/RC cuts and yen depreciation influenced Copper Plate Production Cost Trend, raising landed input costs
• Robust electronics and renewable underpin the Copper Plate Demand Outlook despite construction and export weakness
• Q2 inventory builds eased spot pressure, but Copper Plate Price Index remained sensitive to tariffs
• Copper Plate Price Forecast indicates near-term volatility driven by concentrate disruptions and restocking activity signals
• U.S. tariffs and port delays, alongside yen weakness, influenced manufacturing margins and domestic procurement strategies
Why did the price of Copper Plate change in September 2025 in APAC?
• Abrupt concentrate shortfalls from key mines reduced smelter feedstock, tightening Japanese Copper Plate supply availability
• Renewable, electronics, and server-related restocking lifted near-term offtake, supporting Copper Plate demand against weakness elsewhere
• New tariffs and yen depreciation worsened export economics, while Q2 inventory swings tempered spot moves
Europe
• In Germany, the Copper Plate Price Index rose by 3.96% quarter-over-quarter, due to supply tightness.
• The average Copper Plate price for the quarter was approximately USD 15948.00/MT, and reflected inventories.
• Copper Plate Spot Price oscillated while the Price Index remained firm on robust mill demand.
• Copper Plate Price Forecast signals volatility; Copper Plate Production Cost Trend mirrors energy and scrap.
• Copper Plate Demand Outlook remains supportive from electrical and renewable sectors, underpinning the Price Index.
• Copper Plate Price Index reflected inventory draws, export demand, and seasonal barge logistics affecting availability.
• Operational restarts and Aurubis full-rate production increased supply, tempering Copper Plate Spot Price upward pressure.
• Copper Plate Price Forecast depends on scrap flows, cathode diversion risks, and European warehouse dynamics.
Why did the price of Copper Plate change in September 2025 in Europe?
• Resurgent electrical and EV demand increased offtake, reducing stocks and supporting Copper Plate Price Index.
• Expanded scrap exports and cathode diversions tightened European feedstock, elevating Copper Plate Production Cost Trend.
• Warehouse outflows, barge constraints amplified futures positioning, boosting volatility in the Copper Plate Price Index.
For the Quarter Ending June 2025
North America
• Copper Plate Price Index in North America rose by 2.0% quarter on quarter in Q2 2025 compared to Q1, reflecting moderation in early quarter weakness and late quarter strength.
• The Copper plate Price Index moved from oversupply pressure early in the quarter to tightening supply demand dynamics toward the end—starting the quarter under bearish sentiment, then rallying as inventories normalized and market sentiment improved.
• In line with that trend, Copper plate Production Cost Trend saw downward pressure on raw material costs early in Q2, but rising energy and labor costs emerged mid quarter, which began supporting cost structures late in the quarter.
• Copper plate Demand Outlook remained soft at the start, as downstream buyers delayed procurement amid macro uncertainty and high COMEX inventories. However, demand firmed late quarter with recovery in construction, auto, and renewable sectors.
• Copper plate Price Forecast for the region during Q2 pointed to modest upside potential—if trade uncertainties emerged or end use demand, particularly from EV and infrastructure projects, picked up.
• By the end of the quarter, COMEX stocks remained elevated yet stable, and market sentiment turned cautiously optimistic due to emerging tightening signals in supply chains and improved downstream orders.
Why did copper plate price change in July 2025 in North America?
The Copper Plate Price Index rose sharply following the U.S. announcement of a 50% tariff on copper imports, set to take effect August 1. That surprise tariff triggered buyers to accelerate purchases ahead of enforcement, tightening physical supply expectations and pushing U.S. copper futures to record highs.
APAC
• The Copper Plate Price Index in APAC rose by approximately 4.4% in Q2 2025 versus Q1, underpinned by gradually tightening supply and recovering industrial demand.
• Copper plate Production Cost Trend remained relatively stable across the region in Q2: raw material and energy costs were flat to easing, while logistic expenses declined modestly—these contributed little upward pressure.
• Copper plate Demand Outlook showed signs of strengthening mid quarter, especially in Indonesia, where automotive, electronics, infrastructure, and data center projects began to drive renewed consumption amid government localisation policies and EV linked growth.
• Manufacturing and supply in APAC remained balanced: Indonesia and China maintained steady import flows and production with few disruptions; Chinese copper plate/sheet export volumes to Indonesia and Malaysia rose notably mid quarter; global LME inventories eased slowly, indicating tighter availability.
• Market sentiment in Indonesia shifted from early quarter hesitancy when suppliers faced weak industrial offtake and subdued macro sentiment to renewed optimism by mid quarter, supported by government TKDN policy and emerging infrastructure demand.
• Copper plate Price Forecast remains positive for the short to medium term: ongoing global demand from electrification, renewable energy, and EV infrastructure—especially in Southeast Asia—coupled with limited new supply and export policy influences are expected to support further modest price gains later in 2025
Why did the price of copper plate change in July 2025 in Asia?
In early July, copper concentrate export benchmark pricing in Indonesia was raised to due to surging demand tightening global supply; this was followed by a slight trim for late July amid weakening by product prices and a stronger US dollar—which slightly moderated copper concentrate values and thus domestic copper plate costs.
Europe
• The Europe Copper Plate Price Index rose by 1.1% in Q2 compared to Q1 2025, reflecting overall modest upward momentum.
• Copper plate Production Cost Trend remained broadly stable at the start of the quarter, then eased mid quarter as raw copper input costs fell initially; however, tightening concentrate treatment charges later in the period began to pressure smelter margins.
• Copper plate Demand Outlook during the quarter was cautious yet gradually improving: demand from downstream sectors such as construction and automotive remained tepid initially, but exhibited signs of recovery by quarter end as restocking and export orders supported consumption.
• At the start of the quarter, copper plate prices dipped, particularly in Germany, as weak industrial activity, elevated inventories, and U.S.–China trade tensions weighed on sentiment—mirroring falling raw copper prices and limited restocking.
• By mid quarter, supply dynamics tightened: LME inventories dropped significantly, treatment charges diverged unfavorably, and logistics bottlenecks emerged, leading to price stabilization and then modest gains underpinned by improving downstream demand
Why did the price of Copper plate change in July 2025 in Europe?
By the end of the quarter, elevated demand from the electronics and NEV export sectors, combined with constrained supply and reduced LME stocks, fueled further price gains, pushing spot levels in Germany.
For the Quarter Ending March 2025
North America
• The Copper Plate Price Index in the North American increased by 4.7% q-o-q owing to limited supply and speculative buying.
• The Copper plate Spot Price in the U.S. market hovered at USD 16,870/mt DEL Alabama by the end of March 2025.
• April 2025 is expected to see a continued increase in the Copper Plate Price Index, driven by speculative stockpiling and ongoing concerns about U.S. import tariffs.
• Why did the price of Copper Plate Change in April 2025?, The price increase in April is primarily due to the Section 232 investigation, prompting traders to buy in advance of possible tariff-driven supply disruptions.
• Demand from the EV and data center sectors is a key driver in supporting a bullish Copper plate Demand Outlook.
• Volatility is likely to persist due to policy uncertainty and global supply dynamics.
• The Copper plate Production Cost Trend is also under upward pressure due to elevated energy costs and tight labor supply.
• Copper plate Price Forecast suggests further gains if trade barriers are enacted or if EV-related demand accelerates.
APAC
• The Copper Plate Price Index in APAC rose by 1.7% over Q1, supported by resilient demand and technological upgrades in Japan.
• The Copper plate Spot Price in Japan reached USD 13,634/mt Ex Osaka by March-end.
• Why did the price of Copper Plate Change in April 2025?, The price increase in April stems from limited copper plate availability and strong offtake from electronics and construction segments.
• Advancements in high-purity copper manufacturing and strong end-user demand drive a positive Copper plate Demand Outlook.
• Domestic smelters in Japan are finalizing long-term deals amid global trade challenges, supporting stable pricing.
• The Copper plate Production Cost Trend remains steady, with slight pressure from rising input costs in refining.
• The Copper plate Price Forecast points toward moderate gains in Q2 as demand remains steady and supply constraints persist.
Europe
• The European Copper Plate Price Index recorded a 0.9% quarterly increase, ending at USD 16,039/mt FOB Hamburg in March 2025.
• Why did the price of Copper Plate Change in April 2025?, The price increase in April is due to strategic procurement by producers and improving sentiment in export markets, despite local regulatory uncertainty.
• Germany experienced a turnaround mid-quarter with easing input costs and improved production conditions after a sluggish start.
• The Copper plate Spot Price recovered as construction and automotive sectors showed early signs of rebound.
• Export-oriented demand and stabilization in industrial output are supporting a moderately positive Copper plate Demand Outlook.
• The Copper plate Production Cost Trend in Europe remained under control, though smelting costs may rise if concentrate availability tightens.
• Copper plate Price Forecast for Q2 indicates mild upward momentum, driven by recovering end-use segments and cautious optimism.
