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

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)