Copper price forecast: Third-party predictions 2025-2030

Copper is a critical industrial and energy-transition metal, widely used in electrical wiring, plumbing, and HVAC systems within construction; as well as in power grids, electric vehicles, and renewable energy technologies.
By Dan Mitchell
Copper price forecas
Where next for the copper price? – Photo: Flegere / Shutterstock.com

With prices consolidating after recent gains, what could be next for copper? This article reviews the latest copper price forecast for 2025 and beyond, drawing on third-party predictions and market insights to outline potential market scenarios through to 2030.

Introduction

Copper is one of the most widely used industrial metals, valued for its conductivity, corrosion resistance, and versatility. It supports modern infrastructure, from buildings and transport networks to power grids and electronics, and is important for the shift towards renewable energy and electric vehicles.

Its dual role as both an economic barometer and a key material in decarbonisation efforts keeps it in focus for traders and policymakers alike. 

Past performance is not a reliable indicator of future results

Copper price forecast for 2025 and beyond

As of 4 September 2025, the copper price forecast pointed to a mixed outlook, with analysts expecting prices to stabilise after recent gains.

  • ING Think set its average copper forecast for 2025 at $9,572 per metric tonne (mt).

  • Scotiabank’s commodity team projected an annual average of $4.25 per pound in 2025.

  • J.P. Morgan forecast London Metal Exchange (LME) copper prices falling towards $9,100/mt in Q3 2025, before recovering to around $9,350 in Q4.

  • Gov Capital took a more granular approach, projecting day-by-day copper price levels. For example, September 2025 values range from lows near $4.18 to highs above $5.14. By December 2025, its model suggests levels approaching $5.60/lb, with best-case scenarios above $6.15.

  • Wallet Investor’s monthly projections suggested copper could trade near $4.70/lb by December 2025.

Past performance is not a reliable indicator of future results.

What are analysts’ Copper-price predictions?

Medium-term projections point to gradual gains, though with differing views on the pace. ING Think projected copper averaging $9,837 per metric tonne (mt) in 2026, supported by steady demand. Scotiabank’s outlook was more cautious, with an annual average of $4.05 per pound in 2026.

Wallet Investor’s models pointed to incremental rises, with monthly prices edging towards $4.90/lb by late 2026 and above $5.10 by the end of 2027.

Gov Capital’s day-by-day copper price projections were mostly in the $5.10-$5.70/lb range for 2026-2027 (regular case), with least-case levels drifting into the mid-$4s and best-case spikes reaching around $6.30/lb.

J.P. Morgan expected copper to average $9,400/mt in Q1 2026 and $9,500/mt in Q2, noting that trade and inventory dynamics could cap further upside in the near term.

Copper price forecast 2030

Looking further out, 2028-2030 projections point to a continued upward trend but remain dispersed. Wallet Investor projected copper above $5.30/lb in 2028 and edging towards $5.70/lb by 2030. Gov Capital’s copper forecast ranged between $5.30-$5.90/lb in 2028, then moved closer to $5.90-$6.30 in 2029, before hovering around $7 by 2030.

Past performance is not a reliable indicator of future results.

What could influence the copper price?

Copper prices are shaped by a range of economic, political, and market factors. Here are some of the main elements that could influence copper in the coming years.

Global economic growth

Stronger activity, particularly in China and emerging markets, can support demand in construction, electronics, and manufacturing. Periods of slower growth or weak industrial data can place downward pressure on prices.

Supply disruptions

Output in major producers such as Chile, Peru, and the Democratic Republic of Congo, can be affected by strikes, weather events, or political risk. Disruptions may lift prices, while stable or expanding supply can weigh on them.

New technologies and decarbonisation

The energy transition underpins long-term demand, with electric vehicles and renewable power grids driving consumption. Advances in recycling, or slower adoption of green technologies, may limit rather than accelerate demand growth.

Geopolitical tensions

Trade restrictions, sanctions,or export controls can reduce supply or add uncertainty to the outlook, sometimes supporting prices. Improved trade relations or new resource agreements may have the opposite effect.

US dollar strength

Copper is priced in US dollars, so a stronger greenback may reduce affordability for non-dollar buyers and put pressure on prices. A weaker dollar can have the reverse effect.

Inventory levels and speculation

Falling stockpiles on exchanges such as the LME and the Shanghai Futures Exchange can signal tighter supply, while rising inventories or large speculative moves may reflect investor sentiment rather than fundamentals.

Regulatory and environmental policies

Stricter rules or permitting delays in mining countries tend to constrain output and support prices. Faster approvals or looser standards could, in some cases, boost supply, and ease price pressures.

FAQ

Is copper a good investment?

Copper’s role across construction, power grids and renewable technologies is often cited as supporting long-term demand. Analysts note that the energy transition and ongoing electrification are seen as potential drivers of structural demand. However, copper is also cyclical, tracking shifts in global growth and industrial activity. This means the market can experience both extended rallies and sharp corrections. Whether copper is considered a good investment varies with market conditions and individual risk appetite.

Could copper go up or down?

Yes. Copper prices can move in either direction, influenced by factors such as Chinese demand, mining output in Chile and Peru, and the strength of the US dollar. Recent forecasts differ, with some suggesting stabilisation in 2025 while others expect continued fluctuations, but most highlight both upside potential if supply remains tight and downside risk if global growth slows. Like all commodities, copper is exposed to short-term volatility as well as longer-term structural drivers.

Should I invest in copper?

Decisions about investing in copper depend on personal circumstances, trading strategies and risk tolerance. Forecasts for 2025-2030 indicate both potential gains and possible challenges, with uncertainties around supply, demand and macroeconomic conditions. It’s important to review available research and consider different scenarios. Past performance is not a reliable indicator of future returns.

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