UBS has upgraded its copper price outlook, citing persistent mine disruptions, tight inventories, và nhu cầu dài hạn mạnh mẽ từ electrification và clean-energy investments.
Key upgrades:
- Mar 2026: +$750 → $11,500/ton
- Jun 2026: +$1,000 → $12,000/ton
- Sep 2026: +$1,000 → $12,500/ton
- Dec 2026 (new): $13,000/ton
Supply deficits widened:
- 2025: 230,000 tons (trước đó 53,000)
- 2026: 407,000 tons (trước đó 87,000)
UBS points to disruptions at Freeport’s Grasberg mine (Indonesia), slower recovery in Chile, and ongoing protests in Peru—highlighting deep structural constraints.
Demand outlook: +2.8% in 2025 & 2026, driven by:
⚡ EVs
☀️ Renewables
🔌 Power-grid upgrades
🏭 Data centers
UBS recommends staying long copper, viewing any near-term dips as temporary.