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Copper Prices Set New Highs, Up 36% YTD; Citi Predicts US$15,000/ Ton in 2Q26
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Copper prices have repeatedly marked new highs this year, in light of supply disruptions and concerns over U.S. tariffs stimulating demand. In Citi’s prediction, cited by CNBC, strong demand from the energy transition and AI sectors will continue to shore copper prices up next year. Electrification, grid expansion, and data center construction require large amounts of copper for wiring, transmission, and cooling equipment. As a leading indicator of the global economy, copper spot price on the London Metal Exchange (LME) touched approximately US$11,800 per ton last Friday (12th), setting a historical high, with three-month futures closing at around US$11,500 per ton. LME copper spot price has grossed gains of about 36% so far this year, with a 9% upswing over the past month. Citi stated that limited copper mine supply and U.S. stockpiling due to arbitrage reasons underpinned the rise in copper prices. The bank predicted that U.S. stockpiling of global copper inventory will further reduce the already scarce copper inventory outside the U.S. in a bull market scenario. Citi forecast that copper price may rise to US$13,000 per ton early next year and could reach US$15,000 per ton in the second quarter, implying a 27% upside from current spot price. AASTOCKS Financial News Website: www.aastocks.com |
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