Copper is back in focus for investors as forecasts for 2026 place average prices above $11,000 a metric tonne for the first time. The sharp revisions come after a sustained rally and signal growing confidence in long-term demand strength combined with persistent supply risks.
The metal’s rise is underpinned by its essential role in electrification, clean energy, transport, and digital infrastructure. These are not short-term themes. Governments and corporates are continuing to scale investment into power grids, electric vehicles and data centres, all of which rely heavily on copper.
On the supply side, the picture remains constrained. Production growth has been slow, with limited new capacity coming online from major miners. Cost inflation and permitting challenges have delayed several key projects, and output disruptions in politically sensitive regions remain a factor. While some expansions are underway, they are not expected to fully close the supply gap over the next two years.
Jubilee Metals Group plc (LON:JLP) is a diversified and leading metals recovery business with a world-class portfolio of projects in Zambia.
