“Copper June 2026 – Supercycle Breakout! Surging Beyond 14,000 USD/MT as AI and EV Ignite the Global Metals Market” SO OK TRADING

“Copper June 2026 – The Boiling Point of the Supercycle” Market Analysis by SO OK TRADING | June 2, 2026

June 2026 is not just another month of soaring copper prices — it marks the beginning of a new Supercycle shaking the global market. Demand is surging while supply is critically constrained, creating a historic turning point.

 
Global and Thai Market Overview
Global Market (LME): Copper futures trading in a high range of 13,500 – 13,832 USD/MT
Year-End Forecast: Goldman Sachs raised its target to 13,735 USD/MT, while Citi projects 14,500 – 15,000 USD/MT
US COMEX: Trading at 6.39 – 6.40 USD/lb, reflecting strong buying momentum
Thai Market: Scrap copper prices surged in line with global trends, e.g. large copper wire 385 – 405 THB/kg, new air-con copper tubes 362 – 396 THB/kg
 
⚡ Key Drivers of Copper Prices
Future Demand: AI infrastructure, data centers, electric vehicles (EV), and clean energy projects are consuming massive amounts of copper. Global manufacturing PMI recovery signals stronger cyclical consumption.

Supply Squeeze: Major mines such as Grasberg (Indonesia) and Kamoa-Kakula (Congo) fell short of production targets, cutting 200,000 – 350,000 tons from supply. Full recovery is not expected before 2028.

US Tariffs: Trade tariffs imposed by the US have fueled speculation, creating a “two-tier market.” Importers rushed to secure copper before the end-of-June tariff deadline.

 
Risks and Q3/2026 Outlook
Short-Term Correction: J.P. Morgan forecasts a possible dip to 11,000 – 12,500 USD/MT after speculative demand cools post-tariff deadline
Geopolitical Risks: Middle East conflicts and sulphuric acid shortages could further disrupt supply chains
Currency Impact: Thai baht weakened to 32.62 THB/USD, pushing import costs to 443,000 – 445,000 THB/MT despite potential global price corrections
 
Strategic Guidance for Thai Businesses
FX Hedging: Lock in exchange rates to mitigate risks from a stronger USD
Domestic Scrap Utilization: Source local scrap copper (385 – 405 THB/kg) to reduce costs
Flexible Stock Management: Balance between scrap and primary copper to adapt to volatile market conditions
 
Conclusion
Copper in June 2026 is caught between explosive future demand and critical supply shortages, driving prices to historic highs. The market is entering a powerful new Supercycle.

SO OK TRADING forecasts copper prices in June to remain in the 13,500 – 14,500 USD/MT range, with current prices already hitting 14,000 USD/MT.

 
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