Copper Prices Set for Near 50% Surge by Mid-2027

Copper prices may surge to $22,050 per ton by mid-2027, up nearly 50% from current levels, according to estimates from Deutsche Bank. The forecast is based on copper stockpiling by the United States and China, which together could hold 71% of global copper supplies by the end of this year.

China has been building its strategic copper reserves for decades, while US tariffs on copper imports are drawing supplies into American warehouses. Deutsche Bank estimates that if current trends continue, there may be no copper available to users elsewhere in the world by the end of 2028.

However, Gali expects higher copper prices could encourage some users to switch to aluminum, a cheaper but less efficient conductor. Even if US tariffs are avoided, copper may remain in the country due to market dynamics and the premium on US copper futures compared to London Metal Exchange (LME) prices.