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The month in figures · October 2026
Copper averaged $14,508 per tonne in October, 0.2% more than in September and 35.1% more than a year earlier. That is once again the highest monthly average in the World Bank's price series (World Bank, 2026a). What has changed since September is that copper now stands alone: aluminium, nickel and zinc all got cheaper. EU water price inflation stalled at 4.6% while overall inflation kept rising. Energy and credit stayed expensive, and Europe's summer ended with record-low river flows.
Market indicators for the water sector, October 2026
Monthly average prices and changes
| Commodity | Unit | Price | Month on month | Year on year |
|---|---|---|---|---|
| Copper | $/t | 14,508 | +0.2% | +35.1% |
| Aluminium | $/t | 3,061 | −6.8% | +9.6% |
| Nickel | $/t | 15,436 | −5.4% | +2.3% |
| Brent crude | $/bbl | 125.0 | +7.0% | +93.2% |
| Natural gas (TTF) | $/MMBtu | 28.50 | +12.1% | +161.7% |
Source: World Bank (Pink Sheet, November 2026)
The World Bank's metals index fell 3.0% in October. Aluminium dropped 6.8%, nickel 5.4%, zinc 5.0% and iron ore 7.1% (World Bank, 2026a). Copper not only held its ground but edged higher. For water utilities the picture is mixed: the nickel in stainless steel fittings and the zinc used for galvanising became cheaper, but the copper in pump motors, cabling and control systems did not. Aluminium's October drop came in the middle of a record year: the World Bank expects it to average an all-time high of $3,250/t in 2026, about 24% above 2025, before easing 5% in 2027 (World Bank, 2026b). Precious metals fell further still, by 6.2%.
The annual change appears to have slowed, from 45.0% in September to 35.1% in October. That is a base effect, not a price fall. Copper jumped in October 2025, from $9,984/t to $10,740/t, which raised the comparison point. Copper has averaged $13,539/t over the first ten months of this year (W4 calculation), 36% above the 2025 average of $9,947/t.
