Copper prices are set for further gains in 2026. Tightening supply, widening market deficits, and mine disruptions all amplify concerns about the metal’s long-term availability. UBS is the latest bank to upgrade the yearly outlook, warning that persistent operational setbacks and falling inventories are now exerting a decisive influence on the market.
In a note published Friday, UBS raised its March 2026 copper target by $750 per metric ton to $11,500, while lifting its June and September forecasts by $1,000 each to $12,000 and $12,500.
