Tariffs or no tariffs, LME copper prices will still fall

(Updated )

Whilst COMEX benchmark copper prices will be heavily influenced by President Trump’s plans for tariffs in the near term, the bigger picture is that weak demand growth and robust refined copper supply will weigh on global benchmark prices over the next few years. Accordingly, we forecast LME copper prices to fall to $8,750 and $8,500 per tonne by the end of 2025 and 2026 respectively.

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