“Copper Prices Soar! AI and Electric Power Demand Drive the Global Market — Copper Rally 2569: Prices Surge Steadily from 10,500 to 13,000 USD/MT” — Article by SO OK TRADING
“Copper Prices Surge! AI and Clean Energy Drive the Global Market into a New Era” : The impact of the Middle East conflict on copper prices remains limited, with the market continuing its upward trend : Article by SO OK TRADING
In March 2026, copper has become the star of the global metals market. COMEX futures closed above $5.8–$5.9 per pound, while the LME traded in the range of $12,800–$13,200 per metric ton. Despite minor corrections, the overall trend remains strongly bullish.
Key Drivers Supporting Prices
Global Shortage: Smelting and refining charges (TC/RC) have dropped sharply, reflecting a shortage of copper concentrate. Analysts estimate a cumulative deficit of 150,000–400,000 tons this year.
New Industry Demand: The expansion of AI data centers and clean energy infrastructure such as EVs and energy storage systems has made copper indispensable.
Low Inventory: LME warehouse stocks stand at only 260,000–280,000 tons, making prices highly sensitive to disruptions at major mines.
Risks to Watch
Profit-taking after record highs and U.S. monetary policy—potentially delaying interest rate cuts—could strengthen the dollar and pressure commodity prices.
Financial Institutions’ Outlook
J.P. Morgan: Forecasts Q2 average at $12,500/MT
Goldman Sachs: Sees prices holding in the $10,000–$11,000 range, with $10,000 as key support
Citigroup: Believes prices could break $15,000 if supply issues persist
Geopolitical Impact
Middle East tensions act as a catalyst, disrupting supply chains, raising energy costs, and boosting defense industry demand. However, if the conflict escalates into a global economic slowdown, copper prices could face downward pressure in the long term.
Price History & Outlook (2025–2026)
2025: Copper established a new base above $10,000
Q1: $9,500–$10,000
Q2: Rose to $10,200
Q3: Stable at $10,500–$10,800
Q4: Surpassed $12,000 for the first time
2026:
Q1: Record highs of $13,000–$14,000
Q2: Expected average $12,500
Q3: Possible correction to $11,500–$12,000
Q4: Year-end forecast $12,000–$12,800
Global Market Overview
USA: COMEX at $5.83–$5.93/lb
China: Smelters cut output by over 10% due to low TC/RC
Europe: Prices above $13,000/MT, driven by clean energy transition
Japan & South Korea: Concern over TC/RC but exports expanding
Thailand: Electronics exports using copper hit record highs
Singapore: Continues as ASEAN copper trading hub
Russia: Despite sanctions, remains a major exporter
Copper Price Assessment by SO OK TRADING
March 2026: Average $13,000/MT, Ceiling $13,500, Floor $12,700
Q2 2026: Average $13,500/MT, Ceiling $14,000, Floor $13,000
Forecast on 13 March 2026
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