RBC Forecasts Copper Prices to Average $6.00 Per Pound Through 2029

Copper prices are expected to maintain their elevated levels in the coming years, according to analysts at RBC. The bank forecasts an average copper price of $6.00 a pound from 2027 through 2029.

The current tight physical market is sending strong signals, with inventories falling and regional premiums rising as buyers compete for prompt metal. Copper's fundamentals remain strong, according to RBC, with positive demand signals out of China persisting.

LME inventories declined by 10.8% week-over-week to their lowest level in nearly six months, while Shanghai inventories remained tight. The bank notes that the copper forward curve is currently in backwardation, which may moderate spot price strength.