Copper Prices Defy Uncertainty with Record-High Forecast

The non-ferrous metal market continues to face challenges due to geopolitical tensions and trade barriers. Despite this, analysts expect individual metal markets to stabilise or experience a moderate recovery by the end of the year.

Copper prices are expected to rise further in Q4 2026, with the LME copper price reaching a record-high of $14,850 per tonne on August 17. However, it dropped to $14,535 on August 28.

The market is being driven by structural demand from the energy transition and tight primary supply. JP Morgan analysts predict that copper prices will reach $14,800 in Q4 2026.