Copper’s bullish momentum likely to continue for a few more months
BMI, a unit of Fitch Solutions, raised its 2026 average annual copper price forecast to $13,500/tonne from $12,700, and JP Morgan Global Research expects the price to reach $14,800 in the fourth quarter of this year. Australia's Office of the Chief Economist expects prices to remain high through 2028 before easing to about $11,600 a tonne in real terms by 2031. The forecasts cite the Iran war, sulphur shortages, mine disruptions, the Congo's copper concentrate export ban, and the threat of US tariffs on refined copper.
Why it matters: The outlook ties copper prices to US tariff decisions and supply constraints, placing the metal within the briefing's commodities theme.