UBS expects copper price to average $10 500/t in 2025

UBS said on Thursday that increasingly tighter supplies of copper in the coming six to 12 months could lead to a deficit of more than 200 000 t in 2025, as demand grows for the metal key to energy transition.

Copper prices on the London Metal Exchange (LME) are forecast to average $10 500 and $11 000 per metric ton in 2025 and 2026, respectively, UBS said.