BMI Raises 2026 Copper Price Forecast on Supply Constraints and Tariff Uncertainty

Dow Jones10-13

0812 GMT - BMI raised its average copper price forecast for this year to $13,500 a metric ton from $12,700 a ton, citing tariff-related market disruptions and persistent supply constraints. "For the remainder of 2026, we expect copper prices to remain volatile and highly sensitive to tariff-policy developments, with the eventual Washington decision likely to set the near-term market direction, while broadly intact structural tightness should temper the extent of any correction," analysts at the firm say. Over the longer term, copper prices are expected to be supported by a persistent supply deficit and rising demand as the energy transition gathers pace. BMI forecasts copper prices reaching $17,000 a ton by 2035, driven by electrification and investment in clean-energy infrastructure. In early trading, three-month copper futures on the LME are flat at $14,624.50 a ton.

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