“Copper Price Outlook – March 2026: Copper Surges! A New Opportunity for Thai Producers in the Global Market and the Power of Copper Amid War and the Transition to Clean Energy”
Copper Surges into the New Era of Electrification and Clean Energy
March 2026 Market Overview
Copper is rapidly becoming the “New Oil” of the modern world. Prices continue to soar to record highs, with LME trading above $13,000 per ton and COMEX at $6.02–6.11 per pound, marking a 31–33% increase year-on-year. The surge is fueled by the most severe supply shortage in years, alongside relentless demand from EVs, clean energy projects, and AI data centers.
Q2/2026 Outlook
Goldman Sachs and Citigroup forecast copper prices could climb to $15,000 per ton if the USA–Iran war escalates and sanctions hit major producers.
JP Morgan estimates an average price of $12,075 per ton for the year.
Some industries are exploring aluminum substitution, though efficiency limitations remain.
Key Drivers Behind Copper’s Rise
Supply Crisis: Global inventories at their lowest in a decade, with a deficit of over 330,000 tons of refined copper.
Monetary Policy: Anticipated Fed rate cuts in 2026 weaken the dollar, boosting commodity prices.
New Industries: EVs consume nearly 4x more copper than combustion cars; AI data centers and power grids require massive copper inputs.
Speculation: Investors buying aggressively after prices broke historic highs.
⚔️ Impact of War and Geopolitics
Defense Industry: Surging copper demand for ammunition and military communication systems.
EV & Clean Energy: Rising costs may delay Net Zero projects.
Construction & Real Estate: Inflation in building materials halts projects.
Data Centers & AI: Higher infrastructure costs push up cloud service prices.
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