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This is your Daily Copper Price Tracker with Vanessa Clark podcast.
Hey everyone, welcome back to Daily Copper Price Tracker. I'm Vanessa Clark, and today we're diving into what's shaping up to be a really pivotal moment for copper markets. If you've been paying attention to commodity news, you know copper has been on quite the journey, and today's numbers are absolutely worth talking about.
So let's get straight to it. As of today, November 26th, 2025, copper is trading at 5 point 1030 dollars per pound on the COMEX market. That's up 2 percent from yesterday's close, and honestly, this momentum is reflecting something much bigger happening in the global copper market right now.
Here's what's really driving this price action. We're looking at what industry experts are calling a structural supply crunch. According to UBS, one of the world's leading banks tracking commodities, global copper demand is growing at 2 point 8 percent this year, primarily because of the energy transition. We're talking electric vehicles, renewable energy projects, data centers, and major grid upgrades all demanding more copper than ever before.
But here's the problem. Supply isn't keeping up. UBS is now forecasting a deficit of around 407,000 tonnes in 2026, which is nearly double their 2025 projection. We've seen disruptions at major mines like Grasberg in Indonesia, slower production recovery in Chile, and ongoing protests in Peru. These aren't small hiccups. They're reshaping the entire market landscape.
What's fascinating is that major institutions are completely recalibrating their price targets. UBS is now expecting copper to hit 11,500 dollars per tonne by March 2026, climb to 12,000 by June, and potentially reach 13,000 dollars per tonne by December. That's a dramatic shift from just a few months ago. Codelco, the world's largest copper miner, is even offering European customers a record premium of 325 dollars per tonne for 2026, which represents a 39 percent increase year over year.
The London Metal Exchange saw copper touch 11,200 dollars per tonne back in late October, marking an all-time high. And traders are watching closely because analysts believe we're at a critical juncture where the question has shifted from whether a shortage will happen to how severe it will be.
Now, there are some risks on the horizon. If China's economic recovery doesn't materialize as expected, that could temporarily dampen demand. Trade policy tensions and tariffs could create short-term volatility. And yes, persistently high prices might push some industries toward cheaper alternatives like aluminum.
But the consensus among major players is pretty clear. Copper prices are expected to show strength and volatility through the end of 2025 and into 2026. Any price dips are increasingly being viewed as buying opportunities by institutional investors.
The bottom line for you as someone interested in copper is that we're not just watching daily price fluctuations anymore. We're watching the metal respond to genuine supply constraints meeting robust demand. Whether you're tracking this for investment purposes, business planning, or just staying informed about commodity markets, understanding that supply-demand imbalance is key to understanding where copper prices are headed.
Thanks so much for tuning in to Daily Copper Price Tracker. Make sure you subscribe so you don't miss tomorrow's update on copper prices and market trends. I'm Vanessa Clark, and I'll see you next time.
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