Copper price forecasts lifted for 2026 but tariff “collapse” still on the table
Macquarie’s collapse scenario needs Washington to rule tariffs out, which it rates least likely. More likely is limbo past January 1, with 1.5 million tonnes of US copper staying exactly where it is.
Copper prices have dipped after US inflation data reignited the possibility of a Federal Reserve rate hike this month. Meanwhile, news of a potential agreement to end a strike at BHP’s Escondida mine has reduced the supply premium, causing the Comex copper to fall to $6.6695 per pound. The price had peaked at $6.7890 earlier in the trading session.
Macquarie, BMO Capital Markets, and BMI have all raised their 2026 copper price forecasts, with the banks reaching different long-term price estimates. Macquarie predicts the metal will average $13,573 this year, with a 2026 average of $13,573, while BMO sees copper at $16,000 by 2030. The differences largely depend on the amount of copper in US inventories and whether China's strategic reserves will be replenished.
Written by urgent.news from Mining.com's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
