Copper May Exceed $12,000 per Ton in 2026

The three-month copper contract on the London Metal Exchange (LME) rose by 0.71% to $11,748 per ton at 08:44 Moscow time, setting a new historical high. By 15:00 Moscow time, prices slightly declined to $11,659 per ton, down 0.05%.

Photo: flickr.com by James St. John, https://creativecommons.org/licenses/by/2.0/

Copper

Bloomberg reported that the surge came after Chinese authorities emphasized strengthening domestic demand as a key economic priority for 2026. Market pressure also stems from operational issues at major copper mines and rising stockpiles in the United States amid fears of potential tariffs on refined copper imports next year, announced by President Donald Trump.

Analysts forecast that average copper prices could exceed $12,000 per ton in 2026. On November 1, Euler projected a 24% increase in the global average price of copper next year. The firm expects 2025 average copper prices to reach $9,916 per ton, up 8% from 2024. Last year, copper rose by 8% to $9,151 per ton.

Supply disruptions have played a significant role in the price surge. In September, Indonesia's Grasberg mine, the world’s second-largest copper mine, experienced a major accident, halting production entirely. Operator Freeport-McMoRan declared force majeure after underground tunnels were flooded with mud, reducing the company's output forecast.

Meanwhile, U.S. copper imports continue to rise as companies anticipate potential tariffs on refined metal shipments under the Donald Trump administration next year, according to the Wall Street Journal. This import increase has contributed to copper shortages in other regions.