Copper market outlook turns more cautious amid demand uncertainty, CRU says

• Copper market sentiment turned more cautious at LME Week 2026 as macroeconomic risks and uncertainty over US tariffs limited price expectations.
• The 2027 copper concentrate benchmark is expected at -$80 to -$120, with confidence growing in a triple-digit negative outcome.
• Continued US inventory building risks regional supply strains, with the global copper surplus forecast below 200,000 tons.
• China's copper demand was unchanged year over year, as export-related growth of almost 10% offset a nearly 5% decline in domestic-related use.
• Aurubis set its European cathode premium at $347 per ton, up 10%, highlighting competitive pressure on European manufacturers.

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