Copper (CMX) Prices

29-01-2026 - Over the past month, the price of copper has risen from $5.4905/lb to $5.8925/lb, indicating a strengthening market. This increase suggests potential supply constraints or heightened demand. However, the forecast predicts a decrease to $5.7015/lb, a 3.2% drop from the current price, suggesting a downward trend. This forecast highlights potential market volatility that could impact raw material prices.

The current outlook shows downward pressure on raw material prices, primarily influenced by Flows data, with significant effects from Seaborne Imports & Exports. Although Demand data suggests upward pressure, the overall negative outlook is driven by declines in Flows, Supply, and Technical data.

Goldman Sachs Research anticipates a decline in copper prices by 2026, following the introduction of U.S. refined copper tariffs. They expect that once tariff uncertainties are resolved, attention will shift back to the global supply surplus, which will likely exert downward pressure on prices. This perspective aligns with the forecasted decrease in COMEX copper prices to $5.7015/lb over the next month.