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.

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