Commerzbank: Copper Prices May Rise to $14,000 After Supply Surplus

A supply surplus of 400,000 tons was recorded in the copper market in the first quarter of 2026. Although this situation has created short-term pressure in commodity markets, Commerzbank analyst Barbara Lambrecht forecasts that market balances will tighten in the coming period. Lambrecht notes that this tightening could drive prices up to $14,000 by the end of the year. The analyst states that the current supply surplus is temporary and that global demand dynamics, particularly the green energy transition and electrification investments, will keep copper demand strong. These factors are expected to combine with supply-side constraints to provide upward support for prices. Commerzbank's target price indicates a quite ambitious level compared to current market conditions. While the bank believes copper will perform strongly in the medium term, investors should consider market risks when evaluating this forecast. This is not an investment advice.