BMI raised its 2026 average copper forecast to $13,500/ton from $12,700/ton,
citing tariff-related policy disruption and continued supply constraints. The
firm expects prices to remain volatile and highly sensitive to tariff-policy
developments, with any final US government decision likely to drive near-term
moves, while structural supply tightness should limit downside. Over the long
term BMI predicts a persistent supply gap and rising demand from electrification
and clean-energy infrastructure will push copper to $17,000/ton by 2035.
