Deutsche Bank sees copper reaching $22,000

Bank analyst Daniel Ghali said readily available copper inventories have fallen to unprecedented lows, while buyers are competing aggressively to secure supplies. Ghali expects copper prices to reach $22,050 per ton in the second quarter of 2027.

Deutsche Bank believes stockpiling by the US and China, along with potential disruptions to refined copper supply, could further tighten the market. The bank expects copper to average $20,900 per ton in 2027 and $18,500 in 2028. The forecast points to potential upside of nearly 50% from current levels.