BMI sees average copper price rising to $11,000 per tonne in 2026
This story was originally published at 14:39 IST on 26 September 2025
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MUMBAI – FitchSolutions company BMI expects copper prices to average $11,000 per tonne in 2026, up from an average of $9,500 per tonne projected this year, supported by optimism around rate cuts by the US Federal Reserve and supply disruptions. Copper prices rose to a new year-to-date peak of $10,337 per tonne Wednesday because of renewed suuply-side issues at Indonesia's Grasberg mine, the industry research company said.
BMI is neutral for industrial metals in the short term and neutral-to-bullish in the long term. Base metals prices rose over the past month owing to a weak dollar and growing expectations of a Fed rate cut, followed by the actual cut on Sept. 17, BMI said. Prices were also supported by geopolitical risks, elevated trade tensions, and uncertainty over demand in China. Aluminium rose slightly by 0.5% on month to $2,638 per tonne as of Tuesday, supported by demand from China alongside expectations of tightening global supply balance.
Zinc prices rose 2.5% on month to $2,889 per tonne as of Tuesday, though gains were capped by concerns about short-term oversupply. Nickel rose 1.7% on month to $15,354 per tonne Tuesday following recent policy changes in Indonesia, BMI said. "... authorities ordered temporary stoppages at 25 nickel mines in southeast Sulawesi on September 18--part of a wider freeze affecting 190 mining licences nationwide--for deficiencies in reclamation and postmining guarantees," BMI said, citing local news sources. Though prices remained stable after the news, the development suggests policy-driven volatility has the potential to drive prices higher in 2025. End
US$1 = INR 88.70
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Reshma Ravi
Edited by Rajeev Pai
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