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Copper Price Prediction for 2026: What Analysts Are Forecasting and Why
Ruby Layram
26th Jan 2026
Copper has become one of the most-watched commodities in recent years, and that trend looks set to continue into 2026.
Used in everything from electric vehicles and renewable energy systems to construction and data infrastructure, copper’s demand reflects the health of the global economy and the pace of the energy transition.
That’s one reason analysts and banks spend so much effort trying to forecast the 2026 copper price. But where might copper prices really end up in 2026? And why are these forecasts so varied?
In this post, I will share the latest Copper price predictions and forecasts for the coming year and explain where I personally believe Copper could go in 2026!
What Major Banks and Analysts Are Forecasting for 2026
One of the best ways to get a grasp of where the price of an asset could go is to look at what major banks are saying.
Here’s a summary of the predictions you should be aware of!
Goldman Sachs Research
Goldman has recently lifted its 2026 forecast, expecting prices to remain elevated due to ongoing supply tightness and demand from infrastructure and technology sectors.
Their average copper price forecast for 2026 is around $11,400 per tonne.
J.P. Morgan Global Research
J.P. Morgan’s view is even more bullish.
The bank projects that copper could reach around $12,500 per tonne in the second quarter of 2026, with a full-year average near $12,075/tonne.
Their forecast is based on a refined copper market deficit, meaning demand outstrips supply this year.
Bank of America
Bank of America analysts also see elevated prices in 2026, with an average forecast of around $11,313 per tonne, reflecting supply disruptions and strong demand dynamics.
Deutsche Bank
Deutsche Bank has raised its 2026 price outlook to around $10,600 per tonne, with peak prices potentially exceeding $11,000 in the first half of the year and reaching up to $12,000 by the end of the year. Their analysis highlights supply constraints and infrastructure demand.
Morgan Stanley
Morgan Stanley’s analysts forecast a base-case copper price around $10,650 per tonne, with an upside scenario near $12,780 per tonne if tighter supply conditions persist.
World Bank
A more conservative longer-term view from the World Bank suggests copper might average closer to $9,800 per tonne in 2026, rising modestly in 2027 as supply tightens further.
Putting It All Together: A 2026 Price Range
When you look across all of these forecasts, a reasonable range for copper in 2026 emerges:
- Bearish–moderate scenarios: $9,800–$10,600 per tonne
- Consensus/baselined forecasts: $10,600–$12,000 per tonne
- Bullish structural deficit scenarios: $12,000–$13,000+ per tonne
That range reflects differing assumptions about how quickly supply can respond to demand, and how strong demand will be.
Also read: Silver price prediciton for 2026
Why Analysts Are Predicting These Prices
To make sense of the numbers above, it helps to understand the why behind them.
1. Demand from Infrastructure and Technology
Much of coppers price comes from the role that it plays in infrastructure and technology. Copper is essential for:
- Electric vehicles
- Renewable energy systems like solar and wind
- Power grids and digital infrastructure
- Data centres (especially AI and cloud computing)
These markets are growing rapidly and are expected to account for a large share of copper demand in the years ahead.
2. Supply Constraints
Supply, particularly new mine production, isn’t keeping pace with demand:
- Major mines are experiencing operational disruptions
- New projects take many years (often a decade or more) to reach production
- Refined copper output growth is expected to remain limited in 2026
These dynamics contribute to forecasts of market deficits, where demand outstrips supply (one of the most bullish drivers for copper prices!).
3. Global Trade Policies and Tariffs
Trade policy can also influence price expectations.
At times, speculation about tariffs on refined copper imports in the U.S. has encouraged stockpiling and tighter physical markets, which can temporarily push prices higher.
Read next: Why Trump’s Tariffs Could Be Good News for Gold Investors
4. China’s Role
China is the world’s largest consumer of copper. When Chinese industrial activity slows, it can dampen demand and limit upside for prices.
Conversely, stimulus or infrastructure spending can boost demand quickly.
Recent data suggests Chinese refined copper demand growth weakened in late 2025, tempering price forecasts for 2026.
Risks That Could Send Prices Lower
Not all price forecasts are bullish. Some potential risks include:
- Global economic slowdown: If manufacturing activity softens, copper demand could weaken too.
- Substitution and recycling: High copper prices can encourage more recycling or substitution with cheaper materials like aluminium.
- Inventory changes: Rising global inventories could ease short-term price pressure.
These factors help explain why some forecasts (like the World Bank’s) suggest more moderate price levels.
So, What Does This Mean for Investors?
If you’re watching the copper price in 2026, here’s a simple way to think about it:
Reasons Prices Could Stay High
- Structural demand growth from electrification, infrastructure and AI
- Limited new supply and ongoing mine disruptions
- Inventory tightness and potential market deficits
Reasons Prices Might Moderate
- Slowing demand in major economies (especially China)
- Increased recycling and substitution with cheaper metals
- Macro pressures like higher interest rates or stronger currencies
Copper remains a barometer of industrial demand, so price moves often reflect broader economic trends as much as metal-specific fundamentals.
Final Thoughts
Most credible analysts see copper remaining elevated throughout 2026, with forecasts generally pointing to an average price in the mid-$10,000s per tonne range, and potential upside if structural supply constraints deepen or demand accelerates.
However, commodity markets are inherently uncertain.
Forecasts are not guarantees, and unexpected shifts in demand, supply disruptions, geopolitical events or macroeconomic changes can all influence prices.
So treat these predictions as educated estimates, not certainties.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here, including opinions, commentary, suggestions or strategies, are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence. When investing your capital is at risk.
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