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2025-12-12 22:00:31
[Is the Copper Price "Supercycle" Restarting? Institutions Predict $12,000 Next Year] ⑴ ANZ Bank Research analysts released a report predicting that copper prices could climb to $12,000 per tonne by the end of next year (2026), based on the core logic that the supply-demand gap will further widen. ⑵ The report points out that the renewed supply disruptions this year have ignited a rally in copper and other base metals, but the persistence of this rally indicates that its driving factors are not limited to short-term supply disturbances. ⑶ Despite concerns about the global macroeconomy, copper demand continues to exceed expectations, demonstrating strong fundamental support. ⑷ Based on the above judgment, ANZ Bank has significantly raised its near-term copper price forecast, now expecting copper prices to stabilize above $11,000 per tonne in 2026 and potentially reach $12,000 by the end of the year. ⑸ This new forecast range is significantly higher than the bank's previous forecast of $9,800 to $10,800 per tonne, reflecting a strengthening of institutional optimism regarding the structural shortage in the copper market.
