Copper price forecast: Third-party outlook
Copper prices have returned to focus in early 2026 after a period of pronounced volatility, with recent moves placing the metal near levels not seen before on major exchanges.
Against this backdrop, market participants are weighing short-term price action alongside broader questions around supply availability, inventory levels and the resilience of industrial demand.
The market backdrop includes ongoing concerns about tight refined copper supply after major smelters signalled lower utilisation rates, while benchmark treatment charges fell to zero and exchange data point to reduced available inventories (Argus Media, 6 January 2026). At the same time, recent record highs in London Metal Exchange copper prices above $13,000 per tonne have been linked to strong investor demand and elevated geopolitical uncertainty, even as a firmer US dollar index near the high-90s has provided a partial offset (Reuters, 5 January 2026).
Copper price forecast 2026-2030: Analyst price target view
As of 7 January 2026, third-party copper price predictions point to a wide range of outcomes, with banks and institutions publishing targets between roughly $9,800 and $12,500 per tonne. These estimates reflect differing views on supply disruptions, demand trends and trade-policy risks. Forecasts are typically quoted in metric tonnes on major exchanges and may refer to either full-year averages or intra-year peaks, meaning they are not directly comparable with intraday CFD prices on Capital.com’s platform.
World Bank (multilateral outlook)
The World Bank is reported to project that annual LME copper prices average about $9,800 per tonne in 2026, rising towards $10,000 per tonne in 2027, according to a summary of its commodity forecasts. The institution’s October and December materials indicate that base-metal prices are expected to firm only modestly, as subdued global growth, including in China, coincides with gradually tightening supply (PricePedia, 15 December 2025).
Goldman Sachs (investment bank research)
Goldman Sachs Research is cited as raising its 2026 average copper price forecast to around $11,400 per tonne, up from approximately $10,650, in a commodities outlook note dated mid-December 2025. The bank states that this view assumes US refined copper tariffs are delayed until 2027, with tariff uncertainty, stockpiling and expected future trade measures supporting elevated global benchmarks amid ongoing supply tightness (investingLive, 15 December 2025).
Bank of America (global research)
Bank of America is reported to have raised its 2026 copper forecast to an average of about $11,313 per tonne, with a subsequent projection of roughly $13,501 per tonne in 2027. Its analysts highlight mine disruptions at major operations, project delays, low treatment and refining charges, and historically low exchange inventories as factors underpinning a structural supply squeeze, while demand is described as supported by grid, renewable-energy and AI-related investment (MINING.COM, 29 September 2025).
J.P. Morgan (global research outlook)
J.P. Morgan Global Research projects that copper prices could reach about $12,500 per tonne in the second quarter of 2026, with an indicated full-year 2026 average near $12,075 per tonne, according to a commodities outlook note. The bank cites a projected refined copper deficit of roughly 330,000 metric tonnes in 2026 and expects that earlier supply disruptions and constrained project pipelines may keep the market tight amid steady end-use demand (J.P. Morgan, 28 November 2025).
Predictions and third-party forecasts are inherently uncertain, as they cannot fully account for unexpected market developments. Past performance is not a reliable indicator of future results.
Copper price: Technical overview
Copper is trading near 6.03 at 10:06 UTC on 7 January 2026, holding above a rising daily moving-average cluster, with the 20-, 50-, 100- and 200-day moving averages around 5.51, 5.24, 4.98 and 4.90 respectively. The 20-over-50 alignment remains intact, with price positioned above this band, while the 14-day RSI near 68.5 indicates firm, upper-neutral momentum. The ADX around 41.8 points to an established trend environment.
On the upside, the first classic pivot area to watch sits near R1 at 5.93, with R2 around 5.97 coming back into focus on a sustained daily close above that initial resistance zone. On pullbacks, the classic pivot at 5.53 marks initial support, followed by the 100-day simple moving average near 4.98 as a further reference point. S1 around 5.21 provides an additional downside level if the pivot gives way on a closing basis (TradingView, 7 January 2026).
This technical analysis is provided for informational purposes only and does not constitute financial advice or a recommendation to buy or sell any instrument.
Copper price history
Copper’s CFD price on Capital.com has trended higher over the past two years, moving from around 3.78 at the start of 2024 to approximately 4.04 by early January 2025, before extending further into the second half of that year. After dipping below 4.10 in early April 2025, prices moved above the 5.00 level by late March and traded largely within a 4.50–5.90 range through the summer and autumn, reflecting a choppy but upward-biased pattern.
Into late 2025 and early 2026, copper pushed above 6.00, with the CFD closing at 5.72 on 2 January 2026 and edging up to 6.03 by 7 January 2026. Relative to early 2024, this places prices well above prior levels on Capital.com’s platform, illustrating how the contract has trended higher over time despite periods of consolidation and pullbacks.
Past performance is not a reliable indicator of future results.
Capital.com analyst: copper price outlook
Copper has spent much of the past two years moving gradually higher, with copper CFDs rising from the low-$4 area in early 2024 to above $6.00 by early January 2026 on Capital.com, albeit with pronounced swings along the way. This behaviour aligns with copper’s role as a widely followed industrial metal, where price action often reflects changes in global growth expectations and broader risk sentiment.
From a thematic perspective, longer-term demand linked to electrification, renewable energy and grid investment is frequently cited as a supportive factor, while increased mine supply, higher recycling rates or a more pronounced global slowdown could exert pressure in the opposite direction.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Capital.com’s client sentiment for copper CFDs
As of 7 January 2026, Capital.com client positioning in copper CFDs is skewed towards long positions, with buyers accounting for 81.9% and sellers 18.1% of open positions. This represents a difference of approximately 63.9 percentage points in favour of buyers. The data reflect open positions on Capital.com at a given point in time and may change as traders adjust their exposure in response to market developments.
Summary – copper price 2026
- Copper CFDs on Capital.com moved higher through 2025, rising from the low-$4 area in January towards the mid-$5 range and beyond by year-end.
- Daily closes largely fluctuated between around 4.5 and 5.9 during mid-2025, pointing to an upward bias interspersed with sharp swings and consolidation phases.
- Technical indicators into late 2025 showed price holding above rising 20-, 50-, 100- and 200-day moving averages, alongside an elevated ADX reading consistent with an established trend.
- Third-party analyst forecasts for 2026 spanned a broad range, typically between $9,800 and $12,500 per tonne, underscoring uncertainty around supply conditions, demand trends and trade policy.
Past performance is not a reliable indicator of future results, and forward-looking copper projections remain sensitive to changes in economic conditions, policy decisions and market sentiment.
FAQ
What is the copper price forecast for 2026?
Copper price forecasts for 2026 vary widely across banks and institutions, reflecting uncertainty around supply conditions, demand trends and policy developments. Third-party projections referenced in the article generally range from around $9,800 to $12,500 per tonne, depending on whether analysts focus on annual averages or potential intra-year peaks. Common themes include tight mine supply, low exchange inventories and trade-policy uncertainty, balanced against risks linked to global growth, particularly in China. These forecasts are typically quoted in tonnes on major futures exchanges and are not directly comparable with short-term CFD prices, which reflect intraday market movements.
Could copper’s price go up or down?
Copper prices can move in either direction and are influenced by a broad mix of factors. On the supply side, mine disruptions, smelter utilisation rates and inventory levels can affect availability. On the demand side, changes in global economic activity, infrastructure spending and industrial production often play a role. Prices may also react to currency movements, geopolitical developments and shifts in investor positioning. While some analysts highlight longer-term themes such as electrification and grid investment, these factors do not remove downside risks. As a result, copper prices have historically experienced periods of strong rallies as well as sharp pullbacks and consolidation phases.
Should I invest in copper?
Whether to invest in copper depends on individual circumstances, objectives and risk tolerance. This article does not provide investment advice or recommendations. Copper is widely followed as an industrial metal, and its price can be volatile, responding to economic data, policy developments and changes in supply and demand. While longer-term structural themes are often discussed in market commentary, prices can also move against expectations, particularly during periods of slower growth or increased supply. Anyone considering exposure to copper may wish to understand how the market works, the instruments used, and the potential risks involved, including the possibility of losses.
How can I trade copper CFDs on Capital.com?
You can access copper CFDs on Capital.com, which allow exposure to price movements without owning the underlying asset. Contracts for difference (CFDs) let you take positions on both rising and falling prices. However, CFDs are traded on margin, and leverage amplifies both profits and losses. Before trading, it’s important to understand how CFDs work and the risks.