Deutsche Bank expects a quarterly peak of USD 13k/t in Q2, with price moderation onwards as production recovers at several major mines
Newsquawk Staff ·
- Threat of US tariffs on refined copper should lead to continued metal flows to the US in H1'26.
- On aluminium, they assume some moderation from current levels in H2 (2026 Avg. of USD 2.9k/t, peak of USD 3.1k/t in Q2)
What it means
Deutsche Bank's forecast of a peak in metal prices in Q2 2026 suggests strong demand dynamics ahead. The likely moderation in prices thereafter aligns with increased production from major mines, indicating a potential shift in the supply-demand balance. Investors should monitor how anticipated US tariffs on refined copper might influence metal flows and pricing stability in the near term.
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