Deutsche Bank expects a quarterly peak of USD 13k/t in Q2, with price moderation onwards as production recovers at several major mines
Importance
Level 1
- 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)
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