Deutsche Bank Research forecasts a sustained incentive price regime for Copper, driven by inelastic mine supply and electrification-linked demand. The report anticipates a quarterly peak of $13,000/t in Q2, followed by moderation in prices as production recovers at major mines. The potential for US tariffs on refined copper may also introduce volatility.

Copper prices forecasted to peak in Q2

"We believe an incentive price regime is here to stay for copper, supported by inelastic mine supply, electrification-linked demand drivers and high greenfield capex."

"We forecast a quarterly peak of $13,000/t in Q2 followed by some moderation in prices from H2 as production could begin to recover at several major mines."

"The threat of US tariffs on refined copper should lead to continued metal flows to the US in H1, although policy developments could lead to high volatility later this year."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)