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Copper Outlook

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Expert copper market insights

Our quarterly copper outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals, including LME and SHFE stocks and macroeconomic implications for the copper futures and spot prices are analysed. Our research team produce a copper price range forecast as part of the report.

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Copper Outlook – Q4 2026

Copper remains supported by tariff-driven inventory concentration in the US, tight ex-US availability and vulnerable mine and concentrate supply. Stable refined output and a modest surplus should limit a sustained extension, but the thin balance should support prices on weakness. We retain a modest upside bias into year-end, with resistance around $14,830/t and disruption the clearest catalyst for a breakout.

Metals

Our latest Quarterly Metals Report looks at the key themes shaping metals markets into year-end and early 2027. We assess the impact of geopolitical tensions, elevated energy costs, monetary policy and shifting trade flows, alongside our outlook for individual base and precious metals. The report also explores the supply, inventory and demand dynamics driving increasing divergence across the complex.
Quarterly Metals Report

Quarterly Metals Report Archive

Copper Outlook – Q3 2026
Copper Outlook – Q2 2026
Copper Outlook – Q1 2026
Copper Outlook – Q4 2025
Copper Outlook – Q3 2025
Copper Outlook – Q2 2025
Copper Outlook – Q1 2025
Copper Outlook – Q4 2024

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Base Metals

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