Deutsche Bank predicts copper prices could rise approximately 50%. It forecasts prices of $22,050 per metric ton by the second quarter of 2027.
Analysts cite a developing supply liquidity crisis, as competition for dwindling physical supplies intensifies. Historically low inventories, constrained mine output, and significant stockpiling by the U.S. and China are key factors.
Daniel Ghali, the bank’s head of metals research, described the situation as a “historic scramble for metal.” The report warns that freely tradable copper inventories could be effectively exhausted by the end of 2028 if stockpiling trends persist.
Production challenges in top-producing countries such as Chile are adding to the supply pressure.