基本金属追踪 - 因关税实施推迟，上调 2026 年铜价预测-Base Metals Tracker_ Lifting 2026 Copper Price Forecast Due to Later Tariff Implementation

The LME copper price reached a new all-time high of $11,952 on Friday (12 December), and is now trading around $11,700, marking an increase of 33% year-to-date. We upgrade our 2026 copper price forecast to $11,400 from $10,650, as we lower the probability of a refined copper tariff being implemented by H1 2026 as affordability concerns take priority. A later tariff implementation should result in a larger than expected ex-US market deficit. We have kept our 2027 price forecast of $10,750 unchanged as we exp ...