As copper prices have escalated by nearly 20% in 2017, analyst forecasts differ on where they will head in 2018, although a big spike seems unlikely. This year’s increases continue an uptick that began in early 2016, when the price of copper dipped below $2 per pound. Through the final quarter of this year, prices have fluctuated at just above $3 per pound, marking a roughly 50% hike in two years.
Attilio Rivetti, vice president and director of preconstruction at Turner Construction, says several factors have driven the recent price increases. A strong construction market in 2016 and 2017 helped to drive demand, while supply was constrained, he says.