Join CRU's webinar for Copper and Zinc Outlooks
The copper market is taking a breather after reaching a record high in May. The medium-term price trajectory is up, with the AI storm augmenting an already positive demand narrative.
Primary copper feed shortages will continue to force cuts to smelting capacity. We expect 2025 benchmark terms to be priced at a level that ensures this outcome.
Zinc’s recent price rally has reduced the risk of further mine cuts and incentivised the restart of idled capacity. As the concentrate market comes back to balance in 2025–26, we expect prices to pull back accordingly. A move back into deficit will turbo charge zinc’s price in 2027–28.
On the Agenda:
- Copper Market Outlook
- Copper Concentrates Market Outlook
- Zinc Market Outlook
