11
Construction Activity Index - Q3 & Q4 2022 ©Trimble Viewpoint, Inc. All Rights Reserved.
11
• The copper spot price per pound has been trending
downward over the last 15 months. The price in Q2
2023 decreased 12% as compared to Q2 of 2022.
• The average copper spot price in Q2 2023 was
$3.83 and most days of the month fluctuated
by no more than $0.14 above or below the average
price throughout the quarter. In Q2 2022, prices
fluctuated more significantly, by $0.19 vs $0.14.
• The copper spot low and high prices were
$3.55 and $4.12 respectively in Q2 2023.
This contrasts to $3.71 and $4.80 in Q2 2022.
Potential Impact
Copper prices increased significantly in 2021 (from $3.55 at the beginning of 2021
to $4.46 at the end of the year); and then dropped significantly in the second half
of 2022 ($4.47 to $3.18). Now, in 2023, we are finally seeing copper prices stabilize.
The downward trend in Q2 2023 may be the continuation of a price correction due
to post-COVID supply chain stabilization, as well as a decrease in demand for copper.
This is evident from project starts—which are down 35% compared to Q2 of 2022
—as well as hiring, which was flat in Q2.
Copper
Pricing
Trends
The copper spot price per
pound decreased 12%
year-over-year
12%
Construction Activity Index - Q2 2023 ©Trimble Viewpoint, Inc. All Rights Reserved.
Construction Metric Index
