---
title: "Copper prices break through $12,200 to reach a new high! Will it rise to $15,000 by 2026?"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/270889122.md"
description: "Copper prices hit a historic high, influenced by expectations of Trump tariffs and mine shutdowns. New York copper prices rose over 3%, while London copper prices reached USD 12,276 per ton. Analysts believe that global supply tightness and expectations of U.S. tariffs are driving copper prices up. JP Morgan predicts copper prices will reach USD 12,500 per ton by 2026, UBS Group AG expects a range of USD 11,500–13,000 per ton, and Citigroup forecasts prices will reach USD 13,000 per ton in the second quarter of 2026, potentially hitting USD 15,000 per ton in a bull market scenario"
datetime: "2025-12-26T09:10:40.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/270889122.md)
  - [en](https://longbridge.com/en/news/270889122.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/270889122.md)
---

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# Copper prices break through $12,200 to reach a new high! Will it rise to $15,000 by 2026?

Investment Insights - Due to expectations of Trump tariffs and mine shutdown impacts, copper prices continue to hit new highs.

On December 26, the price of New York copper (COMEX) rose over 3%, reaching $5.80 per pound, a five-month high. Previously, on December 24, the price of London copper (LME) rose to $12,276 per ton, setting a historical high.

Since the beginning of 2025, London copper has cumulatively increased by 37%.

【Source: Mitrade; London copper price trend in 2025】

Analysis indicates that the current surge in copper prices is driven by a dual push of structural supply tightness globally and expectations of U.S. tariffs.

On one hand, several major copper mines worldwide have experienced significant accidents, leading to a decrease in supply. On the other hand, the market is concerned about Trump imposing tariffs on copper, resulting in a large volume of copper being shipped to the U.S., continuously depleting spot inventories in other regions and exacerbating the supply-demand tension.

Will copper prices continue to rise in the future?

JP Morgan predicts that by 2026, the global refined copper deficit will reach approximately 330,000 tons. Copper prices are expected to reach $12,500 per ton in the second quarter of 2026, with an average annual price of about $12,075.

UBS Group has raised its copper price expectations, forecasting that copper prices in 2026 may range between $11,500 and $13,000 per ton.

Citigroup is also optimistic about copper's prospects, believing that due to U.S. stockpiling causing supply shortages in other regions, copper prices will average $13,000 per ton in the second quarter of 2026. In a bullish scenario, as the dollar weakens and the Federal Reserve cuts interest rates further enhancing copper's attractiveness, prompting investors to flock in more aggressively, copper prices could reach $15,000 per ton in 2026

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