JP Morgan sees copper prices at US$11,000/tonne during 2026
JP Morgan expects the global deficit in refined to grow to 160,000 metric tons in 2026 and continues to forecast copper prices averaging around US$11,000/tonne next year, the bank said in a note dated Friday.
Following Trump's decision to order a national security probe into potential new tariffs on copper imports, the bank said it expects a tariff rate of at least 10% on refined copper and copper product imports to be enacted by late in the third quarter, with a significant risk of a higher tariff rate of 25%.
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