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The month in figures · September 2026
Copper averaged $14,474 per tonne in September, 1% more than in August and 45% more than a year earlier. That is the highest monthly average in the World Bank's price series, which begins in 1960 (World Bank, 2026b). Copper runs through a water utility's asset base, from pump motors and cabling to valves and fittings, so the metal's price feeds directly into the cost of new schemes and renewals. September also brought sharply higher energy prices and a round of interest rate rises, while the World Bank warned that a strengthening El Niño would raise drought and flood risks well into 2027.
Market indicators for the water sector, September 2026
Monthly average prices and changes
| Commodity | Unit | Price | Month on month | Year on year |
|---|---|---|---|---|
| Copper | $/t | 14,474 | +1.0% | +45.0% |
| Brent crude | $/bbl | 116.8 | +28.5% | +71.8% |
| Natural gas (TTF) | $/MMBtu | 25.42 | +20.4% | +128.6% |
Source: World Bank (Pink Sheet, October 2026)
The climb has been almost uninterrupted for a year. Copper averaged $9,984/t in September 2025, reached $11,785/t in December and $13,012/t in January. A spring dip took it to $12,529/t in March; it then held around $13,500/t through the summer before rising to $14,326/t in August and setting a new high in September. Against June's $13,552/t, the three-month gain is 6.8%.
The September step was small, but the level is exceptional. Based on the quarterly averages, copper has averaged about $13,431/t over the first nine months of the year. In April the World Bank forecast a 2026 average of $12,000/t, a rise of 21% on the 2025 average of $9,947/t (World Bank, 2026d). For the full-year average to land there, prices would have to fall to around $7,700/t on average in the final quarter. Nothing in the current market points that way.
