“Copper & Aluminum Supercycle 2026–2027: The Heart of the New Economy in the Age of AI & Clean Energy” Price Outlook & Supply–Demand Situation | Global Market Outlook | BY SO OK TRADING | 5 SEP 2026

Special Analysis Report
“Copper & Aluminum Supercycle 2026–2027: The Heart of the New Economy in the Age of AI & Clean Energy” Price Outlook & Supply–Demand Situation | Global Market Outlook | BY SO OK TRADING | 5 SEP 2026

 
Market Outlook
In 2026, the global industrial metals market entered one of the most pronounced Structural Bull Markets in decades. Copper and aluminum prices surged to record highs, driven by:

Massive investments in AI infrastructure (Data Centers, Hyperscalers)
The transition to clean energy and EV adoption
Geopolitical risks and U.S. tariff measures
This has created a Supercycle expected to extend through 2027.

 
Copper: The EV Era Metal
Current Price (Sep 2026): ~14,359–14,373 USD/ton
September Range: Support 13,200 / Resistance 14,850 USD
Q4/2026 Forecast: Likely to test 14,800 USD/ton
Key Drivers:

Surging demand from AI Data Centers and infrastructure
Green Energy & EV transition → copper usage 4–5x higher than traditional systems
Supply constraints: declining ore grades in Chile & Peru, sulfur shortages
U.S. tariff policies → accelerated stockpiling
Financial Institutions’ Insights:

JP Morgan: Copper may hit 14,800 USD/ton in Q4/2026
Wood Mackenzie: Price floor unlikely to fall below 13,200 USD/ton
Citi & Morgan Stanley: Supply shortfalls will persist for years
 
⚙️ Aluminum: The Industrial Power Metal
Current Price (Sep 2026): ~3,292–3,298 USD/ton
September Range: Support 3,140–3,180 / Resistance 3,380–3,450 USD
Q4/2026 Forecast: ~3,700 USD/ton
Key Drivers:

LME stock crisis: only 245,000 tons, lowest in 36 years
Majority of stock is Russian aluminum under sanctions (200% U.S. tariff)
Rising energy and alumina costs worldwide
China tightening export policies and carbon restrictions
Financial Institutions’ Insights:

BMI Research: Prices will remain elevated due to environmental constraints and high production costs
 
Macro Factors Accelerating Prices
U.S. tariff wars → stockpiling surge
LME backwardation → reflects acute physical shortages
Weak U.S. dollar → attracts speculative inflows
Hyperscalers (AI infrastructure giants) → purchasing regardless of price
 
Impact on Thailand
Domestic scrap metal prices rose in line with global markets:

Copper (Grade A): 430–435 THB/kg
Copper pipes/motors: 410–418 THB/kg
Aluminum wire scrap: ~80 THB/kg
This directly impacts construction materials, solar cells, and data center costs.

 
✨ Conclusion
Copper: Marching toward new All-Time Highs, supported by inelastic demand
Aluminum: Volatile but firmly elevated due to supply and cost constraints
Global Market: Entered a Structural Bull Market projected to last until 2027
Strategic Note: Producers and investors should closely monitor U.S. tariff policies, China’s export stance, and global energy costs. Short-term corrections may occur from dollar strength, but medium-to-long term momentum remains strongly bullish.

 
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