UBS expects the global copper market supply deficit to widen in 2027, with the bank forecasting a shortfall of 379,000 metric tons, compared with an estimated 219,000 metric tons in 2026.
The projected increase in the deficit forms part of UBS’s positive outlook for copper prices, with the bank anticipating that the metal could reach $15,500 per metric ton during 2027.
According to UBS, the expected widening of the gap between copper supply and demand supports its assessment of the commodity’s price prospects over the coming year.
The bank continues to recommend maintaining long positions in copper, reflecting its expectation that market conditions will support higher prices.
UBS also indicated that any short-term declines in copper prices could provide opportunities to establish or increase long positions, consistent with its broader market outlook.
The bank’s forecast points to a larger supply imbalance in 2027, with the anticipated deficit increasing by 160,000 metric tons compared with 2026.