Copper Climbs Toward $12,000 per Ton as Major Financial Firms Forecast Further Rally

Copper has surged past the $11,500 per metric ton threshold, nearing a key psychological level at $12,000 as global markets react to strong industrial demand signals. Traders and investors are closely watching supply constraints and rising infrastructure needs in Asia and North America. The upward momentum is being fueled by multiple investment banks issuing upgraded outlooks. One major institution now forecasts copper reaching $13,000 per ton by mid-2026, citing tightening physical inventories and increased mining sector caution over new project timelines. Another bank revised its 12-month target up by 14%, reflecting improved expectations for China’s property market stabilization and ongoing green transition efforts worldwide. Key metrics highlight the tightening market: global copper stocks have declined by nearly 28% over the past year, while forward-year demand is projected to exceed supply by 1.2 million metric tons. This deficit is particularly acute in the Asia-Pacific region, where power grid upgrades and EV manufacturing capacity expansions are accelerating. As prices climb, downstream industries such as utilities, construction, and automotive face higher input costs. Meanwhile, producers like Freeport-McMoRan, Rio Tinto, and Glencore are seeing enhanced investor interest, with their shares rising between 6% and 9% in the past month. The London Metal Exchange (LME) copper futures contract for March delivery now trades near $11,750, signaling continued near-term strength.