Copper could climb to a record $15,000 a ton early next year as US tariff concerns tighten supplies outside America while mine disruptions and resilient demand support prices, Bloomberg reported.
Analysts at Australia and New Zealand Banking Group (ANZ) expect copper to approach $14,500/t by year-end before potentially reaching $15,000/t in early 2027.
Copper has gained about 15% this year and is trading close to the record reached in late January. Three-month copper futures were around $14,245/t on the London Metal Exchange (LME) on Thursday.
Speculation that the Trump administration could impose tariffs on refined copper imports has prompted large volumes of metal to move into US warehouses. This has reduced the amount available elsewhere, particularly in the LME warehouse network.
“Most inventories are sitting in the US, tightening the market outside,” the analysts said.
US copper prices are trading above those on the LME, encouraging traders to move metal into America to take advantage of the price difference.
ANZ said copper demand should also remain supported by investment in electric vehicles and new-energy infrastructure. At the same time, mine supply remains under pressure, including from production challenges in South America.
