Global metal prices are set for another strong year as supply disruptions and resilient demand keep markets tight, according to Gregory Shearer, Head of Base and Precious Metals Research at JPMorgan.

Copper prices, which recently crossed $10,000 per tonne, are expected to rise further. JPMorgan forecasts LME copper prices to reach $12,000 in the first quarter of 2026, supported by a widening global supply deficit.

According to Shearer, the US has “over-imported” refined copper by nearly 600,000 tonnes, locking up inventory within the country and tightening availability in Asia. The result is a bullish near-term setup, with a refined copper deficit of around 300,000 tonnes expected next year, largely due to disruptions at key mines such as Grasberg.

While Chinese demand remains slightly

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