Copper Price History Timeline
Explore major historical events that moved copper prices from 1971 to 2024.
Event Type
U.S.-China Trade War Begins
President Trump imposed tariffs on $34 billion of Chinese goods, marking the start of the U.S.-China trade war. China immediately retaliated with matching tariffs. The escalating conflict disrupted global supply chains, slowed economic growth, and created sustained uncertainty. Gold rallied from $1,250/oz to $1,550/oz over 14 months as investors hedged against economic slowdown and currency devaluation. Industrial metals like copper suffered from reduced manufacturing demand.
Price Movement
$1,550/oz in Aug 2019
14 months
From $3.30/lb to $2.70/lb
12 months
Sources: U.S. Trade Representative, LME
AI Revolution & Tech Boom
The launch of ChatGPT in late 2022 triggered an AI revolution that accelerated throughout 2023. Major tech companies raced to develop AI capabilities, driving massive investment in semiconductors and technology infrastructure. NVIDIA became the poster child of the AI boom, with its stock soaring over 200% in 2023. The AI frenzy increased demand for copper (used in chips and data centers), silver (in electronics), and industrial metals. Gold initially underperformed as investors rotated into high-growth tech stocks, but later rebounded as concerns about AI's economic disruption grew.
Price Movement
From $3.70/lb to $4.15/lb
12 months
From $23.90/oz to $25.80/oz
12 months
Sources: NVIDIA Investor Relations, McKinsey Global Institute, LME
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