Xin Hua Cai Jing·2025-12-02 02:20Group 1 - The core viewpoint of the report is that global copper supply and demand are expected to shift from surplus to shortage by 2026, leading to a potential increase in copper prices, with average prices and peaks likely to exceed $11,000 and $12,000 per ton respectively [1][2] Group 2 - On the supply side, extreme weather events, human-induced disasters, and escalating geopolitical factors are anticipated to significantly disrupt global copper production, with 2025's production forecast being revised down to a year-on-year increase of only 12,000 tons, compared to a previous estimate of 141,000 tons [1] - The report predicts that if disruptive events continue, the copper supply increment for 2026 will remain limited, despite high copper prices potentially stimulating rapid growth in recycled copper production [1] Group 3 - On the demand side, the electricity sector is identified as a key driver for copper demand growth in 2026, with projected global demand increment and growth rate of 770,000 tons and 2.97% respectively [2] - The overall expectation is that the combination of global economic recovery, rising inflation, and widespread fiscal and monetary easing will contribute to the continued increase in copper prices [2]