According to a report from Morgan Stanley's global strategist, copper prices may fall to $8,000 per tonne by 2025-2026. They said that in the event of a price decline, there have been signs of demand recovery in China's exports and the average price for the remaining period of this quarter is expected to reach $9,000 per tonne. If inventory drops and market sentiment improves, copper prices may rise in the fourth quarter. However, Morgan Stanley added that weak global growth and a lack of catalysts could lead to "significant (capacity) excess" in 2025 and 2026, limiting any potential price increases, but it is expected that the market will experience a shortage by 2028.
麦格理：2025-26年铜价可能跌向8000美元/吨
Macquarie: Copper prices may fall to $8,000 per ton by 2025-26.
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