Copper price & supply shortages

Copper hit fresh heights after Citi forecast London prices will average US$13,000 per metric ton by the second quarter of next year as demand picks up and US buyers add to inventories. “We have conviction in copper upside through 2026 supported by multiple bullish catalysts, including an incrementally constructive fundamental and macro backdrop,” Citi analysts wrote.

Catalysts for higher copper prices included a 2.5% increase in "global end-use consumption" as Europe re-arms and the energy transition continues.