Deutsche Bank Raises 2026 Copper Price Forecast

Deutsche Bank lifted its 2026 copper price forecast to $10,600 per tonne.

SEATTLE (Scrap Monster): Deutsche Bank has released its 2026 copper market outlook, forecasting a continued tight supply environment and predicting that the market will remain in deficit next year. According to the report, mine production is expected to fall in 2025 and increase only marginally by 1% in 2026, highlighting ongoing supply-side challenges.

The report points to severe supply disruptions as a key factor pushing copper prices toward near-record highs. On the demand side, the metal is expected to see sustained interest, driven primarily by rising global electricity consumption and industrial demand. However, the pace of new copper project approvals is projected to remain below the threshold required to fully satisfy global demand, reinforcing the market’s tightness.

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Deutsche Bank’s analysis of mine supply, demand trends, upcoming projects, and corporate positioning suggests that an incentive-driven pricing environment is likely to persist, despite a notable slowdown in Chinese copper demand. Reflecting these dynamics, the bank has raised its 2026 copper price forecast to $10,600 per tonne, with peak prices potentially exceeding $11,000 per tonne in the first half of the year.

Earlier, UBS also revised its copper price outlook for 2026, projecting $11,500 per tonne in March, followed by $12,000 in June and $12,500 in September, driven by ongoing mine disruptions and robust demand momentum globally.

The outlook underscores continued tight fundamentals in the copper market, emphasizing supply constraints and strong energy-driven demand as key drivers of elevated prices in 2026.