Copper Prices

09-12-2025 - Over the past month, copper prices have surged significantly, climbing from $10,651.54/t to $11,643.69/t. This increase suggests strong demand or potential supply constraints affecting the market. The forecast predicts a slight decrease to $11,512.71/t, a 1.1% drop from the current price, indicating a generally stable trend with minimal risk of significant price fluctuations.

The forecast also highlights a notable downward price impact of -$78.07/t, primarily due to supply factors, especially inventory levels. While demand and technical data suggest upward pressure on prices, supply and flow data indicate a potential decrease in raw material costs.

Despite this forecast, recent analyses from J.P. Morgan and other financial institutions present a different perspective, expecting continued price increases due to ongoing supply constraints and strong demand. J.P. Morgan, for example, projects copper prices could reach $12,500/t by the second quarter of 2026, driven by severe supply disruptions and a tightening market. This divergence between the forecast and external market expectations underscores the complexity and uncertainty in the copper market.