Analysts see 2027 copper prices ranging from around $10,750/ton to over $15,000/ton, with long-term forecasts suggesting sustained multi‑thousand‑dollar‑per‑ton levels into the 2030s.

2027 Forecasts

• Goldman Sachs – $10,750/ton, citing electrification demand (EVs, data centers) and persistent supply deficits from mine disruptions in Indonesia, Chile, and Peru AInvest.
• Goldman Sachs (Bull Case) – $15,000/ton, assuming a “stockout” scenario where exchange inventories run out, triggering exponential price rises.
• Citi (Base Case) – $12,000/ton, with steady demand growth outpacing supply by ~500,000 tons/year.
• JP Morgan (Bear Case) – $9,500/ton, warning of recession‑driven demand weakness coppertalk.org.
• UBS – $15,500/ton by June 2027, citing a widening deficit of ~520,000 tons in 2026 and tight concentrate markets The Bull.

Long‑Term Outlook (2028–2030)

• Long Forecast model – 2027 average _{$9.14/lb (}$16,500/ton), rising to _{$10.05/lb (}$18,500/ton) in 2028, then accelerating toward $12.43/lb (_{$23,000/ton) by late 2029 and $13.79/lb (}$25,000/ton) in 2030 Long Forecast.
• IEA projection – Electrification could double copper demand by 2040, further pressuring prices.

Key Drivers

• Demand: Electrification (EVs, grid, data centers) is the primary tailwind, with EVs requiring 2–3× more copper than ICE vehicles AInvest.
• Supply Constraints: Mine disruptions (Indonesia’s Grasberg mudflow, Chilean/Peruvian losses), long mine development timelines (10–15 years), and project delays limit new supply.
• Geopolitical & Economic Risks: China’s ore import dominance, U.S. tariffs, currency fluctuations, and potential recessions could temper price gains.

Strategic Implications

• Investors may focus on low‑cost miners, recycling infrastructure, and projects with shorter timelines to capture early‑stage price gains.
• Markets could see structural shortages persisting into the 2030s, with prices anchored in the $15,000–$25,000/ton range depending on demand strength and supply recovery.

Bottom line: Most major banks see 2027 prices above $10,000/ton, with UBS and Goldman’s bull case pushing toward $15,000/ton. Long‑term models suggest sustained high prices into the 2030s, but geopolitical and economic risks could narrow the range.