Key Moments
- UBS forecasts the global copper deficit increasing from 219,000 metric tons in 2026 to 379,000 metric tons in 2027.
- The bank anticipates copper prices could reach $15,500 per metric ton in 2027.
- UBS reiterates its preference for long copper positions and views short-term price weakness as a buying opportunity.
UBS Outlook on Copper Market Fundamentals
UBS is maintaining a constructive stance on the copper market, projecting that the existing supply imbalance will intensify over the coming years. According to the bank’s forecasts, the deficit in the copper market is expected to widen from 219,000 metric tons in 2026 to 379,000 metric tons in 2027.
| Year | Projected Copper Market Deficit (metric tons) |
|---|---|
| 2026 | 219,000 |
| 2027 | 379,000 |
Price Target and Investment Stance
In line with its expectations for a larger supply shortfall, UBS anticipates that copper prices could advance toward $15,500 per metric ton in 2027. Reflecting this view, the bank continues to advocate for long positions in copper.
UBS also indicates that any periods of weakness in copper prices in the near term should be interpreted as opportunities to add or initiate long exposure, rather than signals to reduce positions.
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