When Will Copper Prices Go Up?

2026-03-11 16:40:00 ET

Copper is the third most-used metal in the world, and experts believe demand for this important commodity is set to rise in the coming years. At the same time, the supply situation is expected to tighten up.

For that reason, market watchers may be asking, “When will copper go up?” Copper prices began to move sharply in 2025 amid tariff speculation and supply disruptions.

In July 2025, copper prices on the COMEX surged to US$5.96 per pound, as US-based traders worked to get supply into the country ahead of the implementation of tariffs. However, the price plummeted back toward US$4 per pound after it was revealed that tariffs would not be applied to refined copper products.

As the third quarter ended, a near-total shutdown at Freeport-McMoRan (NYSE:FCX) Grasberg mine in Indonesia further tightened copper supply that was already stressed due to a similar incident earlier in the year at Ivanhoe’s Kamoa-Kakula mine in the Democratic Republic of the Congo.

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