Having risen to a record high this week, the spread between copper prices on the COMEX in the US and the London Metal Exchange (LME) is set to persist, and could conceivably even widen further in the near term. That said, abstracting from the tariff-induced disruption, we are comfortable with our below-consensus view that the benchmark LME copper price will fall to $8,500/tonne by end-2026.
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