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UBS raises copper price forecast for 2025 and 2026
Swiss bank UBS published a new report, raising its forecast for copper prices in this and next year. Improved expectations are due to reduced concerns about US trade policies and their impact on global economic growth.
According to revised estimates by UBS analysts, copper will reach $4.24 per pound ($9,350 per ton) by the end of 2025. In 2026, its price may rise to $4.68 per pound ($10,320 per ton). Compared to previous forecasts, price expectations have increased by 7% and 4%, respectively.
Bank experts continue to report slowing demand growth for copper due to uncertainty over US import duties. However, the impact of Donald Trump's tariff policies on the copper market will be limited to one year. Subsequently, metal consumption will return to a trajectory of steady growth.
Most demand problems concern China. Meanwhile, in Europe and the United States, copper consumption will rise persistently due to increased electrification, advances in artificial intelligence, and rising defense spending. UBS's long-term copper price forecast remains favorable.
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