Copper: Medium-term upside on tightening outlook – Commerzbank

Commerzbank analysts highlight that the International Copper Study Group has already shifted its 2026 view to a deficit and is likely to project further tightening into 2027. With refined copper output in China likely still rising, they nonetheless see scope for the copper price, already recovering from March’s setback, to continue climbing over the medium term.

ICSG deficit view underpins price strength

"The International Copper Study Group had already revised its assessment of the copper market last fall, forecasting a deficit rather than a surplus for this year."

"However, the first outlook for 2027 presented by the ICSG is likely to point to further tightening. The copper price, which has already recovered from the setback in March, could continue to rise in the medium term."

"We see further upside potential for the copper price in the medium term, provided the International Copper Study Group forecasts a persistent shortage for 2027."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)