A larger than initially expected supply disruption from the world’s second largest copper mine, Freeport’s Grasberg in Indonesia, will significantly tighten the copper market in the coming quarters and has flipped our forecasted S&D balance to deficits for this year and in 2026. Much tighter fundamentals and the draw on limited ex-US inventory flips us bullish on copper, seeing prices pushing towards $11,250/mt in the coming quarters.

Speaker:

Greg Shearer, Head of Base & Precious Metals Research

This podcast was recorded on September 26, 2025.

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Global Commodities: Supply disruptions give copper prices breakout velocity

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Global Commodities: Supply disruptions give copper prices breakout velocity