The bank now expects copper prices to reach $15,000 per metric ton by March 2027. It continues to have a positive view on copper and recommends investors keep long positions. Although copper prices have paused recently after rising, UBS believes prices will continue to increase each year. High price levels are expected to remain through 2026. Seasonal slowdowns, especially during the Chinese Lunar New Year, may cause short-term price consolidation.
UBS has also updated its supply and demand estimates:
For 2025, the expected supply deficit is now about 200,000 metric tons, slightly lower than the previous estimate of 230,000 metric tons.
For 2026, the deficit forecast has increased to 520,000 metric tons, up from the earlier estimate of 407,000 metric tons.
The larger supply shortage in 2026 supports UBS’s positive outlook on copper prices.
Overall, UBS expects copper prices to stay high through 2026 and advises investors to continue holding long positions based on strong supply-demand fundamentals.
