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Key drivers forecasting copper prices

The key drivers of copper prices include supply and demand factors such as global economic growth, industrial production, and geopolitical risks. The price of copper is also influenced by the US dollar exchange rate and interest rates.

Using the Indicio methodology, we've uncovered the most relevant leading indicators driving the prices.

< 3 mins

Time taken to
identify most
relevant indicators





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Here are the leading indicators identified in Indicio:

Indicator name Influence
Google trends: scrap copper price ⭐⭐⭐
Copper Comex Stocks Total ⭐⭐⭐
Aluminium-Stocks London Metal Exchange (LME) in Warehouses-Metric Tonne ⭐⭐⭐
London Metal Exchange (LME)-Copper Hamburg Warehouse Stocks ⭐⭐⭐
London Metal Exchange (LME)-Copper Singapore Warehouse Stocks ⭐⭐
Google trends: copper price ⭐⭐
London Metal Exchange (LME)-Copper Busan Warehouse Stocks ⭐⭐
Americas-Datastream Copper (Equity Indices)
Commodity Exchange(COMEX)-High Grade Copper Non-Commercial Spreading Futures Only
London Metal Exchange (LME)-Copper Rotterdam Warehouse Stocks
Copper Millberry Delivery North West Europe Euros Per Metric Tonne
London Metal Exchange (LME)-Aluminium Baltimore Warehouse
London Metal Exchange (LME)-North American Special Aluminium Alloy Baltimore Warehouse Stocks
London Metal Exchange (LME)-Aluminium Bilbao Warehouse Stocks
Georgia, Exports, Commodities, Aluminium Waste and Scrap, USD
London Metal Exchange (LME)-Aluminium Alloy Genoa Warehouse

Top indicators identified

Google trends: scrap copper price

When there is a significant increase in searches related to scrap copper prices, it suggests a higher level of interest in tracking and understanding the market value of copper.

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Copper Comex Stocks Total

Monitoring the "Copper Comex Stocks Total" allows market participants and analysts to assess the balance between supply and demand and make informed predictions about future price trends.

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London Metal Exchange (LME)-Copper Hamburg Warehouse Stocks

Similar to the Comex stocks, the amount of copper stored in LME warehouses, such as those in Hamburg, reflects the available supply of the metal in the market.

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Market Intelligence
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Anders Nordberg

Head of Macro
LF Bank

Here's how a company in the commodities sector improved its forecasting process & accuracy by more than 50%

Going from using the same 5 indicators, to testing a large set of indicators, they received immediate feedback on which indicators to use or consider for each forecast.

This also gave them the ability to track market trend shifts at a higher frequency and improve their forecasts.

Read their story