Citi forecasts copper reaching USD 13,000 per tonne in early 2026, with a potential move to USD 15,000 by the second quarter, driven by energy transition and AI related demand.
ING also expects higher prices, with its outlook targeting USD 12,000 per tonne in the second quarter of next year.
Deutsche Bank points to supply constraints as a key driver, describing 2025 as a highly disrupted year for mining. The bank sees the market in clear deficit, with the tightest conditions in late 2025 and early 2026, and peak prices in the first half of 2026.
J.P. Morgan thinks demand from China will eventually come into play, too, noting signs of growing pressure on smelters to secure raw material. The bank expects prices to reach USD 12,500 per tonne in the second quarter of 2026, averaging around USD 12,075 for the year.
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