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Copper price targets in USD per metric ton - major banks and hedge funds (updated 16 June 2026).
Copper is trading at $13,680.25 per metric ton as of 4:15pm EST Tuesday.
CITIGROUP: $15,000.00 per metric ton 12-month target, with a near-term June peak target of $14,500.00 and an initial baseline of $12,000.00.
ANDURAND CAPITAL: $15,000.00 per metric ton near-term high-conviction target, with a strategic 4-year vision of $40,000.00 per metric ton based on zero-buffer global exchange inventories.
BANK OF AMERICA: $15,000.00 per metric ton peak scenario target ($6.80/lb), with a conservative annual average forecast of $11,313.00 for 2026.
TRIBECA GLOBAL NATURAL RESOURCES: $15,000.00 per metric ton strategic target, supported by a 40% net long exposure to global copper producers.
UBS: $14,000.00 per metric ton September target, with a full-year average forecast of $13,200.00 and a long-term June 2027 target of $15,500.00.
J.P. MORGAN: $13,500.00 per metric ton second-quarter peak target, with a full-year average forecast of $12,075.00 and a structural support floor at $11,100.00.
HSBC: $13,492.00 per metric ton annual average forecast ($6.12/lb), reflecting a 6% upward revision from previous models.
DEUTSCHE BANK: $13,000.00 per metric ton second-quarter peak target, with an annual average forecast of $12,125.00.
MORGAN STANLEY: $12,780.00 per metric ton bull-case scenario target, with a baseline average forecast of $10,650.00.
BARCLAYS: $12,522.00 per metric ton annual average forecast (revised up 16%), predicated on a persistent 440,000-ton global supply deficit.
THE CARLYLE GROUP (JEFF CURRIE): $12,500.00 to $15,000.00 per metric ton target range, designated as a highest-conviction "supercycle" trade.
COCHILCO (CHILE): $12,235.00 per metric ton annual average forecast ($5.55/lb), citing a tightening refined market and collapsing treatment charges.
ORION RESOURCE PARTNERS: $11,500.00 per metric ton project financing base-case rating, utilized for tier-one asset valuations and equity acquisitions.
GOLDMAN SACHS: Structurally cautious $10,000.00 to $11,000.00 per metric ton cap forecast through 2026/2027, citing a physical purchase slowdown in China above $11k.
WORLD BANK: $9,800.00 per metric ton annual average forecast, citing macroeconomic growth headwinds and subdued industrial demand.
MACQUARIE: $9,525.00 per metric ton annual average forecast (bearish outlier), based on a projected 602,000-ton lagged surplus and high visible inventories.
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