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Copper Cathode Price Trend and Forecast

UNSPC code: 11101907
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âźł Weekly Update
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Historical Data Since 2015
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Forecast for 2026
  • Commodity Pricing

copper cathode Price Trends by Country

inIndia
cnChina
usUnited States
gbUnited Kingdom
jpJapan

Global copper cathode Spot Market Prices, Trend Analysis and Forecast

Price-Watch’s most active coverage of Copper Cathode price assessment:

  • Purity: 99.99% FD-Willich, Germany
  • Purity:99.99% Del Alabama, USA
  • Purity:99.99% (100*10mm) Ex-Shanghai, China
  • Purity:99.99% (1*1mm) Ex-Bhiwandi, India
  • Purity:99.99% (100*10mm) FOB Osaka , Japan

Copper Cathode Price Trend Q3 2025

In the third quarter of 2025, the global copper cathode market experienced a modest rise of approximately 1–3% from the previous quarter (Q2 2025) levels. The improvement can be attributed to ongoing demand from renewable energy, electric vehicles (EV), and construction markets, largely in Asia and North America.

Market fundamentals have been further supported by supply interruptions in key regions, including South America, due to labor disruptions and maintenance period shutdowns, which resulted in lower output levels and tighter inventory.

Lastly, improved global gross manufacturing activity and better macroeconomic sentiment provided additional confidence to the market. Furthermore, copper cathode premiums have been seen rising in major import locations like China and India due to restocking. While supply had remained reasonably stable overall, some logistical hiccups in certain regions contributed to selling price inflation.

China

Copper Cathode Domestic prices EX Shanghai, China, Grade- Purity:99.99% (100*10mm).

According to PriceWatch, the copper cathode price trend in China experienced a minor increase in Q3 2025 and remained supportive of the prior quarter. Copper Cathode prices improved by about 0.50% from the previous quarter (Q2 2025), encouraged by steady demand for construction and electronics-related products as well as supply constraints in the market due in part to maintenance shutdowns at smelting facilities.

In September 2025, Copper Cathode prices in China further increased by approx. 1% month on month, driven by heightened downstream procurement activity for seasonal manufacturing, alongside tighter stock levels in warehouses. Improving macroeconomic conditions due to policy stimulus, combined with stronger industrial activity, also contributed to the gradual improvement in prices.

India

Copper Cathode Domestic prices EX Bhiwandi, India, Grade- Purity:99.99% (1*1mm).

According to PriceWatch, in Q3 2025, the Copper Cathode price trend in India experienced slight upward movement, recording an increase of 0.16% compared to Q2. The increase has primarily been attributed to steady demand from the electrical and construction industries, tight global supply conditions and elevated energy costs affecting smelters.

Copper Cathode prices in India continued to build upward toward the end of Q3, and in September 2025, prices increased by approximately 1% due to a pickup in infrastructure development and higher procurement activity ahead of the festive season.

The price increase has also been supportive of constrained supply from key exporting countries due to transportation issues and lower mining levels. Domestic manufacturers continued to see higher input costs, which led to slight price increases for all types of copper.

USA

Copper Cathode Domestic Prices Del Alabama, USA, Grade- Purity:99.99%.

In Q3 2025, the copper cathode price trend in the USA increased a moderate 0.16% from Q2 2025. This small increase has largely been attributed to steady industrial demand from the electrical and construction industries and tighter supply conditions due to ongoing disruptions in surplus areas.

Copper Cathode pricing reacted to these fundamentals in the market and held in despite a weakening macroeconomic backdrop. In September 2025, Copper Cathode prices in the US increased by a sharper 1% due to increased buying ahead of year-end infrastructure projects and a restocking of inventories.

Germany

Copper Cathode Domestic Prices FD-Willich, Germany, Grade- Purity:99.99%.

The copper cathode price trend product in Germany during Q3 2025 showed a moderate upward trend, with a price increase of 0.80% compared to Q2 2025. This price increase can be largely attributed to tight supply conditions, robust demand by major industrial end-user sectors, and elevated cathode premiums in the German market.

Limited spot offers and expectations of continued supply-side constraints contributed to bullish market sentiment throughout the quarter. However, the Copper Cathode prices in Germany decreased by around 0.20% in September 2025 due to mild demand moderation and cautious buying activity amid ongoing macroeconomic uncertainty.

Nonetheless, this decrease in pricing hasn’t alter the fact that the overall directional pricing trend for the quarter was positive, suggesting that the resilience in the Copper Cathode market was underpinned by supply-side constraints, and that producers are still providing firm offering interest, in addition to reports continuing interest from end-use industries such as construction and electronics.

Japan

Copper Cathode Export Prices FOB Osaka, Japan, Grade- Purity:99.99% (100*10mm).

In Japan, the copper cathode price trend recorded a notable increase of 5.45% overall in Q3 2025 after considering the previous quarter. This price rise has mainly been driven by solid industrial demand, especially in the electronics and construction sectors, in combination with heightened global supply constraints. In September 2025, Copper Cathode prices in Japan rose by approximately 4.64% due to further purchasing activity and ongoing fears about securing raw materials.

Furthermore, the weakening of the yen contributed to increased import prices, aiding the bullish price momentum of Copper Cathode. In addition, high energy prices and continued supply chain disruption from leading exporting countries contributed to strengthening price momentum.

Copper Cathode Price Trend Analysis: Q2 2025

According to the PriceWatch, In Q2 2025, copper cathode prices $9,400 per metric ton Ex-Shanghai, marking a slight decline of 0.33% quarter over quarter. This dip reflects a broader backdrop of fluctuating supply demand dynamics. While some inventory drawdown continued amid port congestion and mine disruptions in Chile and Peru, spot premiums in Shanghai softened due to periods of muted downstream consumption. On top of this, uncertainty around potential US tariffs has encouraged traders to hoard or reroute shipments, exerting additional downward pressure on prices.

According to the PriceWatch, copper cathode prices in India experienced a notable decline in Q2 2025, falling by 2.16% to $9561 per metric ton Ex-Bhiwandi. This downturn was largely attributed to the enforcement of the Quality Control Order (QCO) by the Indian government in late 2024, which mandated Bureau of Indian Standards (BIS) certification for all copper cathode imports.

The immediate effect was a sharp drop in import volumes, with figures falling from an average of 27,000 tons per month to just over 600 tons in January 2025. This triggered supply disruptions and prompted legal challenges from trade bodies such as the Bombay Metal Exchange, which argued that the QCO caused acute shortages and threatened market competition.

In Q1 2025, copper cathode prices witnessed a marginal decline of $9,369 per metric ton, Ex-Shanghai marking a 0.70% decrease compared to the previous quarter. The downward pressure was largely a result of easing demand from key downstream sectors, such as electronics and electrical manufacturing, particularly in Asia and Europe.

Despite ongoing tightness in raw material availability, a slowdown in industrial activity and subdued buying sentiment, especially in China, contributed to the price dip. Additionally, a stronger US dollar and cautious investor behavior amid mixed macroeconomic indicators further weighed on market sentiment, keeping prices under mild pressure throughout the quarter.

In the first quarter of 2025, the Indian copper cathode market experienced a steady rise, with prices increasing by $9,833 per metric ton Ex-Bhiwandi, marking a 2.08% increase compared to the previous quarter. The upward trend was primarily supported by strong domestic demand from the electrical and cable manufacturing industries, coupled with ongoing infrastructure developments.

Additionally, tighter global cathode supply, impacted by smelter maintenance shutdowns and logistic bottlenecks, contributed to the price hike. Investor optimism and stable economic indicators further reinforced market sentiment, sustaining the positive pricing momentum.

Copper Cathode Price Trend Analysis: Q4 2024

In Q4 2024, copper cathode prices recorded a modest increase of $9,436 per metric ton, Ex Shanghai representing a 0.70% rise from the previous quarter. This uptick was driven by a rebound in industrial production across major economies, particularly in North America and South Asia, where demand from the electrical and construction sectors saw improvement.

Global supply chain constraints, including delayed shipments and reduced output in key producing countries, supported the bullish price trend. Positive investor sentiment and expectations of infrastructure-led growth also played a role in lifting copper cathode prices during the quarter.

In Q4 2024, copper cathode prices in India saw a $9,633 per metric ton increase, Ex-Bhiwandi equating to a 1.36% rise quarter-over-quarter. The uptick was fueled by improved purchasing activity from downstream sectors including electronics, power infrastructure, and renewable energy.

Global cathode market tightening, coupled with reduced warehouse stocks and firm LME prices, added upward pressure on Indian import and domestic prices. The market remained optimistic as year-end industrial activity held firm, and procurement volumes stayed healthy, reflecting confidence in the demand outlook.

In Q3 2024, copper cathode prices experienced a sharp decline of $9,371 per metric ton, Ex Shanghai reflecting a 2.89% drop compared to Q2. The price retreat was primarily due to weakened demand from the electronics and manufacturing sectors amid rising global economic uncertainty.

High inventory levels, particularly in Chinese ports, and slower than expected recovery in construction activity further dampened buying interest. A dip in speculative trading volumes and reduced industrial output contributed to a more bearish outlook, leading to widespread caution in the copper cathode market.

During Q3 2024, the Indian copper cathode market registered a notable downturn, with prices dropping by $9,505 per metric ton Ex-Bhiwandi, representing a 5.08% decline compared to the previous quarter. This decrease was largely due to softened demand across electrical and industrial applications, as well as elevated inventory levels.

Global market headwinds, including economic slowdown and trade uncertainties, weighed heavily on buyer sentiment. Additionally, a temporary recovery in cathode supply across global smelting hubs contributed to easing price levels during the quarter.

During Q2 2024, the copper cathode market saw a significant price rally, with prices surging by $9,650 per metric ton, Ex Shanghai a sharp 14.45% increase over the previous quarter. This strong upward movement was attributed to robust demand growth from the renewable energy and automotive sectors, both of which rely heavily on copper cathodes.

Supply-side constraints stemming from maintenance shutdowns in smelting facilities and restricted mining output tightened availability. The global transition toward electrification and increased investment in grid infrastructure added further momentum to the bullish pricing environment.

In Q2 2024, India’s copper cathode market experienced a significant surge, with prices climbing by $10,013 per metric ton Ex-Bhiwandi, a sharp 17.22% increase from Q1 2024. The steep rise was driven by a strong rebound in industrial activity, particularly in the power transmission and automotive sectors. Supply-side constraints, including reduced smelter output and global logistical issues, created tight market conditions.

The surge in demand for renewable energy projects and large-scale electrification initiatives further added to upward price momentum, making cathode one of the most sought-after copper products during the quarter.

In Q1 2024, copper cathode prices saw a notable increase of $8,432 per metric ton, Ex Shanghai marking a 3.20% rise from the previous quarter. This upward trajectory was driven by healthy demand recovery across major end-use industries, especially in electric vehicle manufacturing and power infrastructure.

Supply limitations caused by delayed shipments and tight mine feedstock availability also contributed to the upward pressure on prices. Additionally, the improving global economic outlook and supportive commodity investment sentiment provided further buoyancy to the copper cathode market during the quarter.

In the first quarter of 2024, the Indian copper cathode market saw a moderate yet steady price increase of $8,542 per metric ton, Ex-Bhiwandi marking a 1.39% rise from the previous quarter. The price movement was underpinned by recovering demand from construction, electrical infrastructure, and manufacturing segments.

Global cues, including tightening inventories and a gradual rise in raw copper ore prices, also influenced local pricing. A stable economic recovery and positive industrial output indicators helped maintain buying interest, supporting the modest upward trend.

Technical Specifications of Copper Cathode Price Trends

Product Description:

Copper cathode is a flat, rectangular-shaped product consisting of high-purity, electrolytically refined copper (typically 99.99% Cu minimum), and it serves as a primary raw material for manufacturing a wide array of copper products. Produced via electrorefining or electro-winning processes, copper cathodes are used across multiple industrial applications due to their superior electrical conductivity and malleability. These cathodes are typically bundled in sheets or strapped in bundles for shipping and handling.

Identifiers and Classification:

HS Code: 740311

Copper Cathode Grades Specific Price Assessment:

  • Purity:99.99% (100*10mm)
  • Purity:99.99% (1*1mm)
  • Purity:99.99%

Copper Cathode Global Trade and Shipment Terms

*Quotation Terms (Product & Country Specific): 50-60MT, 28-30MT and 15-20MT

**Packaging Type (Product & Country Specific): Steel Strap

Incoterms Reference in Copper Cathode Reporting

Shipping Term  Location  Definition 
Ex-Shanghai  China   Domestically Traded Copper Cathode price in China 
Ex-Bhiwandi  India   Domestically Traded Copper Cathode price in India 
Del Alabama  USA  Domestically Traded Copper cathode price in USA 
FD-Willich  Germany  Domestically Traded Copper Cathode price in Germany 
FOB Osaka  Japan  Copper cathode export from Japan 

*Quotation Terms refers to the quantity range specified for the Copper Cathode being quoted or offered in a commercial transaction.

**Packaging Type refers to standard packaging size commonly used for Copper Cathode packing, ease of handling, transportation, and storage in industrial and commercial applications.

Reporting Key Copper Cathode Manufacturers and their brands

Manufacturer 
Codelco 
Mitsubishi Materials Corporation 
Marubeni Corporation 
Glencore 
Vedanta 
Hindalco 
HCL 
Southern Copper Corporation 

Copper Cathode Industrial Applications

copper cathode market share end use

Historically, several events have caused significant fluctuations in Copper Cathode prices

  • Global Supply Chain Disruption (2022): The war in Ukraine and other geopolitical tensions disrupted supply chains, leading to price volatility in various commodities, including copper Cathode. These events underscore the copper cathode market’s vulnerability to global disruptions and highlight the need for continuous monitoring of supply-demand dynamics.
  • COVID-19 Pandemic (2019-2020): The global pandemic caused a significant decline in demand for copper Cathode-intensive industries, such as construction and automotive manufacturing, causing prices to plummet.
  • Global Economic Downturn (2019-2020): The global economic slowdown, particularly in sectors like steel and automotive, led to reduced demand for copper Cathode, resulting in lower prices.

Why PriceWatch?

PriceWatch is your trusted resource for tracking global copper cathode price trends. Our platform delivers real-time data and expert analysis, offering deep insights into the key factors driving price fluctuations in the copper cathode market. By monitoring critical events such as geopolitical tensions, supply chain disruptions, and economic shifts, PriceWatch keeps you fully informed of market dynamics.

In addition, PriceWatch provides detailed forecasts and updates on production capacities, enabling you to anticipate market changes and make well-informed decisions. With PriceWatch, you gain a competitive edge in understanding all the elements that influence copper cathode prices worldwide. Stay ahead of the curve with PriceWatch’s reliable, accurate, and timely copper cathode market data.

Track PriceWatch's copper cathode price assessment on a weekly basis since 2015 onwards, along with short-term forecasts, and get access to the detailed report in a downloadable format.

Data Collection and Sources​

  • Real-Time Market Data: PriceWatch aggregates real-time pricing data from a diverse range of sources, including global commodity exchanges, industry reports, and proprietary databases. This ensures that our assessments reflect the most current market conditions.
  • On-the-Ground Intelligence: Our team gathers insights directly from key market participants, including producers, suppliers, traders, and end-users, across major copper cathode production hubs. This ground-level intelligence is crucial for understanding localized market dynamics.
  • Supply Chain Monitoring: We track the entire copper cathode supply chain, from raw material availability to production and distribution channels. This includes monitoring feedstock prices, production capacities, and transportation logistics.

Event Tracking and Impact Analysis​

  • Geopolitical Tensions: PriceWatch continuously monitors global geopolitical developments, such as conflicts or trade disputes, which can significantly impact copper cathode prices. Our analysis includes potential disruptions to supply chains and their immediate and long-term effects on pricing.
  • Natural Disasters and Climate Events: We assess the impact of natural disasters, such as hurricanes or winter storms, on copper cathode production facilities, particularly in vulnerable regions like the APAC coasts. These events are factored into our price forecasts and supply outlooks.
  • Economic Shifts: PriceWatch evaluates macroeconomic trends, including global economic growth, inflation rates, and sector-specific demand (e.g., automotive, construction) to predict shifts in copper cathode demand and corresponding price movements.

Production Capacity and Supply Analysis

  • Current Production Monitoring: We maintain a comprehensive database of global copper cathode production facilities, tracking their operational status, maintenance schedules, and output levels. This allows us to assess current supply availability accurately.
  • Future Capacity Projections: Our research includes detailed forecasts of upcoming copper cathode production capacities, factoring in new plant constructions, expansions, and technological advancements. This helps in predicting future supply trends and potential price stabilization.

Demand Forecasting

  • Sectoral Demand Analysis: PriceWatch provides an in-depth analysis of demand trends across key sectors, including electrical and electronics, automotive, and construction. We track year-on-year demand growth and project future consumption patterns based on economic indicators and industry developments.
  • Global Demand Dynamics: Our methodology considers regional demand variations and how they influence global copper cathode pricing. This includes understanding the impact of shifts in manufacturing bases, trade policies, and environmental regulations.

Pricing Model Development

  • Dynamic Pricing Models: PriceWatch utilizes advanced econometric models to forecast copper cathode prices, incorporating real-time data, historical trends, and projected market conditions. Our models are continuously refined to enhance accuracy and predictive power.
  • Scenario Analysis: We conduct scenario-based assessments to evaluate potential future market conditions. This includes best-case, worst-case, and most-likely scenarios, helping our clients prepare for a range of market outcomes.

Reporting and Client Support

  • Comprehensive Reports: Our clients receive detailed reports that include current price assessments, future price forecasts, and in-depth analysis of market drivers. These reports are designed to be actionable, providing clear insights and recommendations.
  • Ongoing Support: PriceWatch offers continuous updates and personalized support to our clients, ensuring they have the most up-to-date information to make informed decisions. Our experts are available to discuss specific market developments and provide tailored advice.

This research methodology ensures that PriceWatch delivers the most accurate, timely, and actionable copper cathode pricing assessments, helping our clients stay ahead of market trends and make informed business decisions.

Copper Cathode Market Price Trend provided by PriceWatch is a base price and excludes VAT/Taxes, discounts, or offers. The information herein is accurate to the best of our knowledge as of the date indicated and is provided solely for the convenience of our customers as a reference for copper cathode. PriceWatch disclaims any warranties or representations regarding the accuracy of results derived from this information. It is the sole responsibility of the user to assess the suitability of the product for their specific application. This document does not constitute an endorsement to use the product in violation of any applicable patent rights.

Copper cathode prices are driven by:

Global demand-supply dynamics

Copper mining and smelting activity

LME (London Metal Exchange) benchmark pricing

Input costs such as electricity and sulfuric acid

Geopolitical risks and trade policies

Macroeconomic trends (GDP growth, inflation)

Copper cathodes are produced from copper concentrates and scrap. Fluctuations in copper ore or concentrate prices directly influence cathode production costs. Higher feedstock costs generally push cathode prices upward.

Copper cathodes are foundational to infrastructure, energy, and electronics. When prices rise, the costs of downstream products like wiring, vehicles, and appliances also increase, contributing to inflation across multiple sectors.

PriceWatch offers:

Real-time cathode pricing and trend analysis

Market outlook reports

Risk insights based on global events and policies

Weekly pricing assessments and procurement intelligence tools

Some of the key benefits of using PriceWatch include: 

 Real-time Data: Access to up-to-date market intelligence and data on commodity supply chains. 

Expert Analysis: Insights from industry experts to interpret market trends and identify potential risks. 

Risk Assessment: Tools to assess supply chain vulnerabilities and develop mitigation strategies. 

Benchmarking: Comparisons of commodity prices and sourcing practices to optimize procurement decisions. 

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