Copper Prices May Soar as Global Inventories Reach Historic Lows
Copper prices may surge by over 50% to $22,050 per metric ton by 2027, predicts Deutsche Bank analyst Daniel Ghali. The current copper market is facing a supply liquidity crisis due to dwindling global inventories and stockpiling in the US and Asia.
The largest concern for the market is no longer how quickly demand is growing but how much metal is available to meet it. Deutsche Bank estimates that by year-end, copper inventories held by the US and major Asian consumer markets could account for 71% of total global supply.
This shift in dynamics makes prices more vulnerable to disruptions on the supply side, as buyers compete to secure an increasingly limited pool of spot supply. According to Ghali's analysis, the market is facing multiple pressures: continued US stockpiling, further restocking demand, significant disruptions to refined copper supply, and a tight global supply-demand balance.