Copper is on track for its best year since 2009, with a year-to-date return of nearly 40%. On Tuesday, the base metal crossed $12,000 per ton for the first time.
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Copper is viewed as a gauge of economic health given its vast use in industrial applications, including construction materials, electronics, and wiring. As a result, rising copper prices often indicate strong industrial activity and a growing economy. That was evidenced by U.S. gross domestic product (GDP) growing by 4.3% during the third quarter.
Will Copper Continue Rising in 2026?
At the same time, other factors have also driven copper’s rise. A supply shortage caused by mining disruptions and President Trump’s tariffs on several categories of the metal have also led to higher prices. The AI boom has increased demand for copper as well.
However, several Wall Street firms expect copper’s shine to dull next year. JPMorgan forecasts an average price of $12,075 during the year, while Goldman Sachs believes it will trade in a range between $10,000 and $11,000. Overall, copper’s performance in 2026 will be driven by supply-demand dynamics and the pace of the economy and AI developments.
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