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What the Data Says: Copper Price Updates

By Gordian

Gordian’s RSMeans Data is North America’s most comprehensive and most trusted construction cost database. Containing upwards of 92,000 construction material, labor and equipment costs, RSMeans Data is prized by architects, engineers and contractors for accurate and current prices.

Regular, comprehensive updates to the database make it a reliable resource for construction professionals. They also empower Gordian’s internal team of data analysts and cost engineers to track long-term price trends, providing industry executives and leaders with insights they can use to weather cost volatility, stay ahead of the curve and make more informed business decisions.

In this blog post, we’ll use RSMeans Data to provide a quarterly analysis of the price of copper, one of the construction industry’s most vital materials.

DISCLAIMER: The prices referenced below represent the national average and are used for reference purposes only. Costs in your local market may differ.

Tracking the Price of Copper With RSMeans Data

What the Data Says: Copper Price Updates 1

January 2024

Copper wire costs enjoy continued consistency as the calendar flips to 2024. That consistency is now in jeopardy. Operations have ceased at mines in Panama and Peru, as Panama’s top court has ruled the mining contract unconstitutional and the union representing a major of the Peruvian miners is on strike, according to Reuters. It is unknown if these pauses will be permanent or temporary.

November 2023

Despite a sustained, albeit unremarkable, increase in 2023, copper price is expected to dip in 2024. This likely drop is attributed to decreasing international demand and simultaneous supply increases as a result of new mine production in Africa and South America.

Get analysis and commentary on construction material prices and labor costs, including quarterly reports, in this resource hub.

July 2023

The price of copper and copper wire reach an equilibrium, defying early-year market conditions that suggested a period of volatility was on the horizon.

January 2023

The price of copper wire rises by almost 24% in 2022, and the majority of that increase arrived in the second half of the year. This cost surge is the result of labor wage hikes, increasing transportation costs and greater interest in alternative energy techniques that incorporate copper. Copper price volatility is likely to continue throughout 2023.

January 2022

The costs of copper pipe and copper wire each increase, albeit in starkly different ways, with the average cost of copper wire rising 23% and the cost of copper pipe skyrocketing by 76%. Green technologies, including electric vehicles, drive these incredible surges, accelerating demand to such a degree that copper prices explode in every sector of the economy.

September 2021

After spiking in 2019, copper wire costs stabilize until 2021 when they jump upwards of 14%. By the third quarter of the year, copper wire costs soar to 67% higher than they were at the same time in 2020. Multiple factors contribute to this volatility, including tariffs, the COVID-19 pandemic, increased transportation and labor costs, and the typical fluctuations of supply and demand.

About Gordian

Gordian is the leading provider of Building Intelligence™ Solutions, delivering unrivaled insights, robust technology and expert services to fuel customers’ success through all phases of the building lifecycle. Gordian created Job Order Contracting (JOC) and the industry-standard RSMeans Data. We empower organizations to optimize capital investments, improve project performance and minimize long-term operating expenses.

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