Copper Price Market Trend Expectations

Copper is a key metal resource in the current energy transition. It is commonly used in electrical equipment, industrial machinery, and construction, and is often a barometer of economic development. The global copper market size was approximately US$295 billion in 2025, and is projected to grow to approximately US$485.1 billion by 2035. The global copper mining market was approximately US$9.26 billion in 2024, and is projected to increase to approximately US$9.61 billion in 2025, and to approximately US$13.15 billion by 2032. J.P. Morgan predicted in 2025 that the price of copper per ton could reach US$12,500 in 2026, with an annual average price of approximately US$12,075. As of January 14, 2026, the international copper price per ton had risen from US$9,600 in mid-2025 to US$13,330. With increasing international demand for copper, the price is expected to rise to US$15,000 per ton in 2026.

Current Supply and Demand Situation and Future of the Copper Market:

■ Inventory Shortages: Global exchange inventories are at multi-year lows. Arbitrage-driven demand in the US market has led to a significant flow of copper resources to North America, exacerbating inventory shortages, particularly in China and Europe.
■ Frequent Mining Disruptions: From 2025 to early 2026, major producing regions such as Chile and Indonesia experienced mining disasters, strikes, and tightened regulations, prompting major miners (such as Rio Tinto and Lundin Mining) to lower their production guidance.
■ Long-Term Shortage Forecast: Although countries like Chile plan to launch several new projects after 2026, the continued decline in copper ore grades and long development cycles make it difficult to fill the gap in the short term.
■ AI, Data Centers, and Energy Transition: This represents the largest increase in demand in 2026. AI servers consume far more copper than traditional servers, and global data center copper demand is projected to reach 500,000 tons annually by 2030. Grid upgrades, wind power, solar power, and electric vehicles are highly dependent on copper. BHP Billiton predicts that related demand will double copper consumption by 2050.
■ Emerging Markets Gain Momentum: Urbanization is accelerating in India and Southeast Asia. India's share of copper demand is expected to increase significantly in the coming years, potentially even surpassing that of the United States.