ANZ sees copper holding above $11000/t in 2026
NZ Research expects copper prices to remain above $11000 per metric ton in 2026, with prices potentially nearing $12 000 by year-end amid supply constraints and accelerating demand growth.
This was higher from its previous forecast of $9800/t to $10800/t over the four quarters of 2026.
"We expect the market to move further into deficit in 2026, with inventories drawing down by 450000 t," ANZ said in a note dated Friday.
Benchmark three-month copper on the London Metal Exchange rose to an all-time high of $11906 per metric ton on Thursday. Heading for its biggest annual gain since 2009, the metal, used in power and construction, is up 35% so far this year due to mine supply disruptions and outflows of copper to the US.
ANZ noted China’s copper imports have remained elevated, as growth in sectors such as electric vehicles and energy infrastructure has offset weakness in manufacturing and property. It added that US demand has also been strong, driven by an AI-related investment boom and trade flows.
