Copper Set for Record Highs on US Tariff Speculation and Supply Pressures
Copper prices have the potential to reach record highs in early 2027 due to supply challenges and resilient global demand, according to ANZ Group Holdings Ltd.
The industrial metal has risen by 15% this year and is near its previous record high set in late January. Analysts Soni Kumari and Daniel Hynes attribute the expected price increase to an influx of copper supplies into the US due to speculation about a potential US tariff on refined imports.
This speculative flow has drawn record volumes into US-based warehouses, curtailing supplies available in the London Metal Exchange network. As a result, American prices are above those on the LME, making arbitrage flows possible and tightening the global copper balance.
The analysts predict that three-month copper futures could trade near $14,500 by year-end and have the potential to reach $15,000 in early 2027.