ANZ: Copper Prices to Remain Above $11,000 per mt in 2026

Published: Dec 12, 2025 09:18

Save

On Friday, December 12, ANZ Research predicted that copper prices will remain above $11,000 per mt throughout 2026, driven by tight supply and accelerating demand, potentially approaching $12,000 by year-end.

This forecast is higher than the previously expected range of $9,800-$10,800 for the four quarters of 2026.

ANZ stated in its report, "The market deficit is expected to widen further in 2026, with inventories decreasing by 450,000 mt."

The London Metal Exchange (LME) benchmark three-month copper price rose to a record high of $11,906 per mt on Thursday. Driven by mine supply disruptions and copper flows to the US, the metal used in power and construction has risen 35% year-to-date and is on track for its largest annual gain since 2009.

ANZ noted that US demand is strong, primarily fueled by an AI-related investment boom and trade flows.

(Wenhua Composite)

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

14 hours ago

Data: SHFE, DCE market movement (Jul 14)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 14 Jul , 2026

14 hours ago

16 hours ago

As delivery nears, some suppliers offload goods, shifting the center of Shanghai spot copper premiums lower overall [SMM Shanghai Spot Copper]

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, which is the last trading day of the SHFE copper 2607 contract, SMM will continue to quote against the front-month contract. The current open interest for the 2607 contract is around 4,500 lots. SHFE warrant data show that warrants stood at 47,158 mt on July 13, which is relatively ample and sufficient to cover delivery needs. Supply side, social inventory has been declining rapidly recently, mainly due to low arrivals of both domestic and imported cargoes, leaving the tightness in spot circulation unchanged. The backwardation price spread between contracts in adjacent months widened to 180-340 yuan/mt, and the front-month contract showed notable strength. Additionally, some suppliers have already attempted to quote for the 2608 contract today, with standard-quality copper at a premium of about 300 yuan/mt, reflecting that the market still holds optimistic expectations for premiums after the contract rollover. Overall, supported by the backwardation structure and driven by delivery-related dynamics, Shanghai spot copper prices against the 2607 contract are expected to remain at a premium tomorrow.

16 hours ago

Copper prices recover, and copper scrap traders actively sell [SMM Secondary Copper Daily Review]

16 hours ago