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This is your Daily Copper Price Tracker with Vanessa Clark podcast.
Hey there, I'm Vanessa Clark, and welcome back to Daily Copper Price Tracker. I'm so glad you're here with me today, Thursday, November 27th, 2025. We've got some really interesting developments in the copper market to talk through, so let's jump right in.
First, let me give you the current trading snapshot. Copper is trading at around 5.17 dollars per pound today, and it's been quite a journey. Yesterday, we saw copper hit its highest level since the end of October at 11 thousand 25 dollars per metric tonne on the London Metal Exchange. That's exciting stuff. But then today we got a little pullback, with three month copper falling to about 10 thousand 893 dollars per metric tonne. It's down about point 7 percent, but honestly, this kind of volatility is pretty normal in the copper market right now.
So what's driving these movements? Well, there are a few things happening simultaneously. First, we've got the stronger US dollar working against copper prices today. When the dollar strengthens, copper becomes more expensive for international buyers, which tends to put downward pressure on prices. We're also seeing some weakness in economic data out of China, which is the world's largest copper consumer. China's industrial profits actually contracted in October, and that's raising some concerns about demand from their manufacturing sector.
But here's where it gets really interesting. Despite today's pullback, there's actually a lot of bullish sentiment in the copper market. According to analysts at UBS, global copper demand is expected to rise 2.8 percent in both 2025 and 2026. They're projecting this growth will be driven by electric vehicles, renewable energy expansion, power grid investments, and growing data center activity. And get this, UBS has been so bullish on copper that they recently upgraded their price targets dramatically. They're now forecasting copper at 11 thousand 500 dollars per ton by March 2026, and they're setting a year end 2026 target of 13 thousand dollars per ton.
Why the optimism? It comes down to the supply and demand equation. Mine disruptions are continuing to tighten copper supply in a really significant way. UBS expects a copper deficit of 230 thousand tons in 2025, which is way higher than they previously thought. And in 2026, they're forecasting a 407 thousand ton deficit. These aren't small numbers. We're talking about real supply constraints driven by disruptions in major producers like Chile and ongoing protests in Peru.
There's also something really important happening between different copper exchanges. The premium between COMEX copper and London Metal Exchange copper has reached 2 to 3 percent, which LME executives say is likely to persist for the next 18 months. This is basically a structural shift in how copper is priced globally, and it's something serious traders are paying close attention to.
The Fed interest rate environment is also working in copper's favor right now. There's an 85 percent likelihood that the Federal Reserve will cut interest rates in December, and a weaker dollar typically supports higher copper prices. When the Fed cuts rates and the dollar weakens, that makes dollar denominated copper more attractive to international buyers.
So what does this all mean for you? Well, if you're involved in copper trading or you're just watching the metals market, we're in a period of significant supply tightness and growing long term demand fundamentals. Today's pullback looks like a minor consolidation in what could be a longer term uptrend.
Thanks so much for tuning in to Daily Copper Price Tracker. I really appreciate you spending this time with me. Be sure to subscribe so you don't miss our next episode where we'll continue tracking these fascinating copper market developments. Until next time, keep an eye on that copper price, and I'll see you tomorrow. Take care.
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