Copper Price Outlook Strengthens Amid 60% Surge in Mining Projections

The upward revision reflects a fundamental shift in demand, driven by the global energy transition.

SEATTLE (Scrap Monster): Copper price assumptions guiding global mining investments have risen nearly 60% since 2020, pointing to a structurally stronger long-term outlook for the metal.

Data from Chilean consultancy Plusmining, based on more than 300 studies between 2015 and 2026, shows base-case copper price assumptions increasing from about $3.00/lb in 2015–2020 to roughly $4.80/lb in early 2026. Even after inflation, long-term projections remain around 28% higher in real terms than 2020 levels, while still tracking below spot prices.

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The upward revision reflects a fundamental shift in demand, driven by the global energy transition. Electric vehicles, renewable energy systems, grid expansion and data centres are accelerating copper consumption, reinforcing expectations of a persistent supply deficit.

At the same time, supply constraints are tightening the market. Declining ore grades, complex project development and long permitting timelines—often averaging 17 years—are limiting new output. Disruptions at major operations such as Grasberg Mine, Kamoa-Kakula and El Teniente have further highlighted supply fragility.

Copper prices on the London Metal Exchange have exceeded $6.00/lb in 2026, prompting renewed investment in previously uneconomic projects.