---
title: "Copper Just Hit a Record High. Where Will it Trade in 2026?"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/270741692.md"
description: "Copper prices hit a record high of $12,000 per ton due to a weak U.S. dollar, tariffs, and supply shortages. JPMorgan predicts copper will average $12,075 in 2026, while Goldman Sachs expects a range of $10,000-$11,000. Citi forecasts a base case of $13,000 and a bull case of $15,000. UBS sees a structural bull case with a year-end target of $13,000."
datetime: "2025-12-24T16:14:30.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/270741692.md)
  - [en](https://longbridge.com/en/news/270741692.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/270741692.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/270741692.md) | [English](https://longbridge.com/en/news/270741692.md)


# Copper Just Hit a Record High. Where Will it Trade in 2026?

The price for a ton of copper surpassed $12,000 for the first time on Tuesday, driven by a weak U.S. dollar, tariffs from the Trump administration, and a supply shortage spurred by mining disruptions. The base metal is up by nearly 40% year-to-date and has risen steadily since August.

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"After essentially flat mine supply growth expected this year, our 2026 mine supply growth estimates have fallen to only around +1.4%, or about 500 kmt lower than our estimates at the beginning of the year," said JPMorgan Head of Base and Precious Metals Strategy Gregory Shearer.

## **Will Copper Trade Higher in 2026?**

JPMorgan expects copper to reach $12,500 per ton during the second quarter of 2026 and average a price of $12,075 during the year. Goldman Sachs has a more bearish stance and expects supply to recover, leading the metal to trade in a range between $10,000 and $11,000 next year.

Meanwhile, Citi believes that copper hoarding in the U.S. will continue in the new year and has a base case price target of $13,000 and a bull case target of $15,000. UBS added that it sees a "structural bull case unfolding" for the metal with a year-end price target of $13,000.

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- [Goldman Sachs (GS.US)](https://longbridge.com/zh-HK/quote/GS.US.md)
- [JPMorgan Chase (JPM.US)](https://longbridge.com/zh-HK/quote/JPM.US.md)

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