“Global Copper Prices Remain Hot: October and Q4/2026 Outlook — From Record Highs to Market Correction and New Industrial Opportunities” SO OK TRADING | October 2, 2026

Global Copper Market Analysis (October 2, 2026) : SO OK TRADING
 
“Global Copper 2026: From Record Highs to Short-Term Correction, with a Still-Burning Future Outlook”

 
Introduction
The year 2026 has been historic for the global copper market. Prices surged to new all-time highs, driven by demand from AI data centers and the global energy transition. Yet, in early October, the market entered a short-term correction phase, pressured by a stronger U.S. dollar, rising oil prices, and China’s economic slowdown. Despite these near-term headwinds, structural factors continue to position copper as a “strategic metal” vital to the future of the global economy.

 
Current Situation
Global Market Prices:

LME Copper: ~USD 14,270/ton, down ~1%
COMEX Futures: ~USD 6.54–6.62/lb, down ~0.6%
Scrap Copper in Thailand: ~THB 468/kg, holding firm at high levels
Downward Pressures:

Stronger U.S. dollar → Higher import costs
Rising oil prices amid Middle East tensions → Industrial inflationary pressure
China slowdown → Industrial profits down for 4 consecutive months; Golden Week holiday dampening downstream demand
Supportive Factors:

Strategic copper stockpiling by the U.S. and China
Strike risk at Centinela mine in Chile
Infrastructure issues and natural disasters in Congo & Indonesia → Supply deficit projected at 150,000 tons this year
 
Outlook and Future Direction
Structural Demand Drivers:

Expansion of AI data centers → Massive demand for copper wiring and cooling systems
Energy Transition → Electric vehicles (EVs) and renewable energy storage systems remain long-term demand pillars
Supply Crisis and Low Inventories:

Production challenges at major global mines → Supply deficit of ~150,000 tons
Chinese inventories falling ahead of holidays → Spot premiums rising
Key Risks to Watch:

Downstream factories delaying orders due to high premiums
China’s economic stimulus measures, especially in real estate and industry, will be critical to price direction
 
Technical Assessment
Weekly (Early October 2026):

CEILING: USD 14,880/ton
Pivot: USD 14,650/ton
FLOOR: USD 14,350/ton
Monthly (October):

CEILING: USD 15,500/ton
Average: USD 14,500/ton
FLOOR: USD 13,800/ton
Q4 2026:

CEILING: USD 16,500–18,500/ton
Average: USD 14,800/ton
FLOOR: USD 12,000/ton
 
Conclusion
Although copper prices corrected in early October 2026, the overall trend remains bullish, supported by strategic stockpiling, AI-driven demand, clean energy transition, and tight supply. Analysts suggest the market could test USD 15,000–18,000/ton in Q4, and potentially surge to USD 18,000–22,000/ton in 2027 if stockpiling continues. Copper remains a strategic metal, reflecting both risks and opportunities in the new global economic era.

 
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