UBS pointed out in its latest research report that the global copper market is entering a stage where supply is limited for a long time and structural demand continues to expand. Although copper prices are already high, insufficient approval for new mining projects, lengthening construction cycles, and rising capital costs make it difficult for supply to respond quickly, while electric vehicles, power grids, renewable energy, and artificial intelligence infrastructure continue to create new demand for copper. UBS expects the global shortage of refined copper to expand from 219,000 tons in 2026 to 379,000 tons in 2027, accounting for an increase of about 0.8% to 1.3% of global annual demand. In this context, the bank expects copper prices to rise to $15,000 per tonne by the end of 2026, and reach a further $15,500 in June and September 2027.

UBS pointed out in its latest research report that the global copper market is entering a stage where supply is limited for a long time and structural demand continues to expand. Although copper prices are already high, insufficient approval for new mining projects, lengthening construction cycles, and rising capital costs make it difficult for supply to respond quickly, while electric vehicles, power grids, renewable energy, and artificial intelligence infrastructure continue to create new demand for copper. UBS expects the global shortage of refined copper to expand from 219,000 tons in 2026 to 379,000 tons in 2027, accounting for an increase of about 0.8% to 1.3% of global annual demand. In this context, the bank expects copper prices to rise to $15,000 per tonne by the end of 2026, and reach a further $15,500 in June and September 2027.