Weekly report on inventory for the previous issue on July 26, 2019

UBS has significantly raised its copper price outlook in a recent report, increasing its long-term price forecast by $500 per metric ton. The bank now expects copper prices to reach $15,000 per metric ton by the end of March 2027. It maintains a positive view on the copper market and advises investors to hold long positions. At the same time, UBS has updated its supply and demand forecasts. It has slightly lowered its 2025 copper market deficit projection to 200,000 metric tons but sharply raised its 2026 deficit estimate from 407,000 to 520,000 metric tons. The bank believes this widening supply gap will support elevated copper prices through 2026.

Chile's Ministry of Health has officially authorized the use of copper slag as artificial aggregate in construction, such as for road surfaces. Published into law on February 12, 2026, Supreme Decree 46 aims to transform a significant mining waste product into a valuable resource. Industry group Consejo Minero stated the regulation promotes the circular economy by turning a historical liability into an input for infrastructure. Mining companies Anglo American and Codelco supported the effort through pilot projects demonstrating the material's safe application in paving and public spaces.