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UBS on Copper: Tariffs the Key Risk as Prices Near Record — FCX, Teck Top Picks

Posted on by Eben@CANSLIM Research
Eben@CANSLIM Research's avatarEben@CANSLIM Research

UBS says the copper market faces a binary US tariff outcome into the fourth quarter of 2026, with prices near record levels above $14,000/t on the LME. The bank’s base case assumes excess US inventories stay put, keeping the ex-US market tight and supporting elevated prices into 2027. But it flags a no-tariff scenario as a tail risk that would trigger a material and sustained fall of more than 10% in copper prices.

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