QNB forecasts rising copper prices

The National Bank of Qatar (QNB) forecasts that copper prices will continue to rise in the near future, supported by increasing global demand driven by the shift to clean energy sources and the development of infrastructure related to artificial intelligence, despite structural supply constraints that limit production capacity. The report noted that current prices, which have exceeded $6.20 per pound, are still below historical levels during the 2008 cycle, leaving room for further increases. It is expected that growing demand in renewable energy, electrical grid infrastructure, and AI technology—which all require large quantities of copper—will widen the supply gap and drive prices higher, as mine production is hampered by limited growth and insufficient investment. The report also highlighted that copper supplies will remain constrained until the early 2030s, with factories relying temporarily on secondary sources, and that the supply-demand gap will expand further if high demand persists.

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