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Jefferies raises copper price forecast: Supply gap widens, long-term strength prevails

Jefferies raises copper price forecast: Supply gap widens, long-term strength prevails

汇通财经汇通财经2026/06/09 00:49
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(1) Jefferies expects that the London Metal Exchange (LME) copper price will rise to $6.50 per pound in 2027 (previously forecasted at $5.50), and reach a peak of $8.00 per pound during 2031-2032 (previously $6.50). (2) The supply side faces multiple pressures: recovery at the Grasberg mine is delayed, Kamoa-Kakula’s recent output is lower and costs are higher, and Chile’s April production hit its weakest performance in 23 years. The institution predicts that by the end of 2030, the copper supply gap will average 491,000 tonnes per year. (3) The increase in copper prices has a significant impact on downstream costs: a 25% rise in copper metal prices will increase manufacturing costs for white goods and electric vehicles by 5%-6%, and will push up data center construction costs by 3%.
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