Copper Prices to Soar: Jp Morgan Forecasts $11,000/Mt in 2026, 10% Tariff by Late 3q25
JP Morgan expects the global deficit in refined copper to grow to 160,000 metric tons in 2026 and forecast copper prices averaging around $11,000 per metric ton next year. The bank predicts a tariff rate of at least 10% on refined copper and copper product imports will be enacted by late in the third quarter, with a significant risk of a higher tariff rate of 25%. This would lead to excess inventory builds in the US and potentially leave the rest of the world shorter of copper.
- The growing trade tensions between the US and its trading partners could have far-reaching implications for global supply chains, particularly in industries that rely heavily on copper.
- What role will emerging technologies like electric vehicles and renewable energy play in driving demand for copper, and how will changing consumption patterns impact the global copper market?