Commerzbank’s Barbara Lambrecht highlights that the worldwide Copper market confirmed a big surplus in Q1 2026 as refined output surged, particularly in China and the DR Congo. Demand grew lower than 1%, however Lambrecht expects this to reverse, with stronger consumption and slower manufacturing progress supporting costs and a Copper goal of USD 14,000 per ton by year-end.
From Q1 surplus to tightening market
“But within the first quarter, the worldwide copper market was nonetheless in fine condition. Due to a pointy rise in refined copper manufacturing, the Worldwide Copper Examine Group reported a big provide surplus of practically 400,000 tons – 3 times as excessive as within the first quarter of 2025.”
“Nevertheless, we consider the traits on each the availability and demand sides will reverse. Whereas demand momentum is anticipated to choose up, manufacturing progress ought to sluggish, which in flip ought to assist copper costs within the medium time period.”
“By year-end, we count on a copper worth of USD 14,000 per ton.”
(This text was created with the assistance of an Synthetic Intelligence instrument and reviewed by an editor.)
