Insight
Copper: 5 things to look for in 2026
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The global copper market enters 2026 with structural tightness increasingly dominating cyclical noise. Years of underinvestment, declining ore grades and long development timelines continue to constrain supply responsiveness, even as prices remain elevated. While recent months have delivered softer-than-expected economic data from China and other major economies, these cyclical headwinds sit against a backdrop of sustained demand from electrification, power infrastructure and regional stockbuilding. How will 2026 shape up in the face of these volatility risks?
Table of contents
-
Five themes shaping the copper market in 2026
- 1. China’s demand softens quietly, not catastrophically
- 2. The real bottleneck is custom concentrate, not mine supply
- 3. Supply discipline replaces volume growth as the dominant strategy
- 4. By-product windfalls support both returns and reinvestment
- 5. Copper’s strategic status sustains price support and selective M&A
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Insight
Zinc: 5 things to look for in 2026
2026 looks set to be a dramatic and volatile year. We review some zinc specific issues to look out for:
$1,050
Insight
Nuclear: 5 things to look for in 2026
This report examines five key nuclear power themes to watch in 2026.
$1,250
Insight
Rare earths: 5 things to look for in 2026
How will China's supply dominance and the global drive for alternatives shape the rare earth market in 2026?
$1,050
