For the Quarter Ending September 2025
North America
• In United States, the Copper Sheet Price Index remained stable in Q3 2025, as high inventories balanced rising production costs.
• Copper Sheet production costs rose in Q3 2025, driven by a 2.6% PPI increase in August and higher wholesale electricity prices.
• Demand outlook for Copper Sheet is mixed, with robust retail sales (5.42% YoY in September) offset by declining consumer confidence.
• US refined copper inventories surged to a 21-year high in Q3 2025 due to front-loaded imports.
• Global refined copper usage strengthened in Q3 2025, supported by manufacturing and energy transition sectors.
• Residential construction spending strengthened in August 2025, providing some support for Copper Sheet demand.
• New tariffs on semi-finished copper products are expected to distort global trade flows in Q3 2025.
• Global copper mine production growth for 2025 was revised downward due to significant mine accidents in Q3 2025.
Why did the price of Copper Sheet change in September 2025 in North America?
• US refined copper inventories surged to a 21-year high in Q3 2025, creating oversupply.
• Production costs increased from a 2.6% PPI rise in August 2025 and higher electricity prices.
• Mixed demand signals, with robust retail sales (5.42% YoY in September 2025) and cautious sentiment.
APAC
• In China, the Copper Sheet Price Index fell quarter-over-quarter in Q3 2025, influenced by declining producer prices and contracting manufacturing.
• Copper Sheet production costs rose in Q3 2025 due to tightened concentrate supply and new scrap processing tax regulations.
• Demand outlook remained mixed, with robust automotive growth offsetting weak consumer confidence (89.6 index) in September 2025.
• The Copper Sheet Price Index is forecast to remain under pressure from negative consumer inflation (-0.3%) and producer prices.
• China's Manufacturing Index contracted in September 2025, indicating reduced industrial activity and lower raw material demand.
• Industrial Production increased by 6.5% year-on-year in September 2025, supporting Copper Sheet demand in key manufacturing sectors.
• Global copper mine production declined in Q3 2025, and China's refined copper output was projected to decrease.
• Retail sales grew by 3.0% year-on-year in September 2025, indirectly boosting demand for consumer goods utilizing Copper Sheet.
Why did the price of Copper Sheet change in September 2025 in APAC?
• Declining Producer Price Index by 2.3% in September 2025 indicated weak industrial demand for Copper Sheet.
• China's Manufacturing Index contracted in September 2025, signaling reduced industrial activity and new orders.
• Tighter copper concentrate supply and new tax regulations in September 2025 increased production costs.
Europe
• In Germany, the Copper Sheet Price Index fell quarter-over-quarter in Q3 2025, influenced by contracting industrial activity.
• Copper Sheet production costs were mixed; PPI decreased 1.7% in September 2025 due to lower energy prices.
• However, CPI rose 2.4% in September 2025, indicating increased operational costs for manufacturers.
• The Copper Sheet demand outlook is challenged by a contracting Manufacturing Index in Q3 2025.
• Industrial production declined 1.0% in September 2025, significantly reducing demand for Copper Sheet.
• Global copper mine output faced disruptions in Q3 2025, tightening feedstock availability for production.
• LME copper stockpiles tightened after an early July 2025 rebound, indicating some supply constraints.
• Retail sales rose 0.2% in September 2025, offering modest indirect support for consumer-driven demand.
• Germany's unemployment rate remained stable at 6.3% in September 2025, supporting consistent consumer income.
Why did the price of Copper Sheet change in September 2025 in Europe?
• Industrial production declined 1.0% in September 2025, reducing demand for Copper Sheet from manufacturing sectors.
• Producer prices decreased 1.7% in September 2025, primarily due to lower energy costs.
• Global copper mine output faced disruptions in Q3 2025, tightening feedstock supply.