NGLOY - Copper Prices Approach 2-Year Highs: What's Behind Analyst's $12000 Price Prediction For 2026? | Benzinga
Copper prices have significantly risen, reaching near two-year highs of $10,000 per metric ton. Leading commodity trader Trafigura expects 10 million metric tons of additional copper consumption over the next decade. This surge in demand comes from various sectors, including electric vehicles, power infrastructure, artificial intelligence, and automation.
“A third of the new demand will come from the electric vehicle sector, a third from electricity generation, transmission, and distribution, and the rest from automation, manufacturing capital expenditure, and cooling systems within data centers,” Graeme Train, head of metals analysis at Singapore-based Trafigura told Reuters.
Several market analysts are revising their copper market forecasts, anticipating a potential supply deficit this year. Notably bullish is Citibank, which predicts a second copper bull market in the 21st century. In an interview for CNBC, Citi's global head of commodities, ...