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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 – Q2 2025

LME copper prices are heavily influenced by existing divergence with COMEX amid tariff speculations. While we do not expect copper tariffs to be implemented in the near term, overall headline risk persists. China’s copper exports have surged as they diversify their market away from the US to other destinations. We expect copper to stay within the $9,200–9,500/t range, with the cost of production support at $8,700/t holding firm over the long term.

Metals

As we enter the second half of Q2 2025, markets remain gripped by tariff uncertainty, with Trump’s trade agenda continuing to drive global risk sentiment. Volatility has rippled across FX, bonds, and commodities, as investors weigh the trajectory of trade negotiations and the looming end of the 90-day tariff pause. With diplomacy fragile and positioning increasingly tactical, what lies ahead for metals markets in May and June?
Quarterly Metals Report

Quarterly Metals Report Archive

Copper Outlook – Q1 2023
Copper Outlook – Q4 2022
Copper Outlook – Q3 2022
Copper Outlook – Q2 2022
Copper Outlook – Q1 2022
Copper Outlook – Q4 2021
Copper Outlook – Q3 2021
Copper Outlook – Q2 2021
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We execute and clear a significant proportion of the market activity on the London Metal Exchange (LME), the world's largest non-ferrous metals exchange. We also provide access to the CME’s base metal futures and options contracts on its COMEX exchange and copper on the Shanghai International Energy Exchange (INE).

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