Analysis: Copper may face a structural shortage in 2026, and prices may remain strong.

PANews reported on December 29th that copper prices are projected to rise by over 30% in 2025, breaking a record high of $12,000 per ton in December, marking the largest annual increase since 2009. Analysts predict that the global transition to renewable energy, electrification, and the surge in AI data center construction will continue to drive copper demand growth, and prices are likely to remain strong in 2026.

StoneX senior metals demand analyst Natalie Scott-Gray said that high copper prices may lead manufacturers to turn to alternatives, potentially suppressing demand in some non-essential sectors. Marex base metals strategist Alastair Munro pointed out that the market widely expects a structural copper shortage starting in 2026.

Furthermore, US tariffs triggered a massive influx of copper, causing Comex inventories to climb to a record high, while LME inventories in Europe fell to less than 20,000 tons, creating regional supply and demand tensions. Albert Mackenzie, an analyst at Benchmark Mineral Intelligence, believes the surge in US inventories has fueled supply concerns. Alice Fox, a strategist at Macquarie Group, predicts that copper prices will remain high in 2026.

Previous reports indicated that London copper prices broke through $12,000 per ton, setting a new historical high .