International copper prices face short-term pressure, but long-term structural demand still provides support.

GateUser-bd883c58 · 2026-04-05T16:21:52+00:00

Recently, international copper prices have declined, mainly due to global economic pressures and uncertainties in Federal Reserve policies. Although copper prices are under short-term pressure, long-term demand, especially from energy transition and infrastructure development, will continue to support copper prices. The market is experiencing a tug-of-war between bulls and bears, and the short-term trend is expected to be weak.

GateUser-bd883c58

2026-04-05 16:21:52

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【Global Times Finance, combined report】Recently, international copper prices have generally declined. Previously, on March 20, the London Metal Exchange’s 3-month copper contract closed at 11,930 USD/ton, down by about 18% from the peak in January. After copper prices broke through 12,000 USD/ton at the end of 2025, they touched above 14,500 USD/ton in January 2026, reaching the highest level since 2003.

（Figure/Oriental IC）

Market analysis believes that, due to concerns that the global economy is under pressure, and at the same time rising uncertainty over the Federal Reserve’s future policies, market enthusiasm has fallen significantly after the copper market broke through the previous high, while uncertainty about AI demand remains high. Copper prices’ near-term trend continues to be weak. In addition, declining expectations for Federal Reserve interest-rate cuts, a stronger U.S. dollar that weighs on copper prices, a narrowing COMEX-LME price spread, and an increase in inventories in regions outside the U.S. mean that the short-term downward pressure on copper has not yet ended, and the focus has shifted lower.

Despite the near-term pressure, the long/short struggle in the international copper market is intensifying. The bears apply pressure based on fundamentals such as rising inventories and a slowdown in manufacturing, while the bulls are optimistic about long-term structural demand such as power grid upgrades and data center construction. The International Energy Agency expects that by 2035, the international copper market may face a 30% supply gap.

Overall, in the short term, international copper prices are expected to remain weak and range-bound; in the long run, structural demand driven by the energy transition, AI computing infrastructure, and global power grid upgrades, combined with rigid supply-side constraints, will continue to provide solid support for copper prices. (Wen Hui)

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