Commodities · Global
Copper price forecast
Copper price (US dollars per metric ton, monthly average)
Model run: Sep 28, 2026 · TimesFM 2.5
3 months forecast · Oct 2026
$13,609
Median forecast · p10-p90: $12,066 to $15,068
6 months forecast · Jan 2027
$13,338
Median forecast · p10-p90: $11,025 to $15,423
12 months forecast · Jul 2027
$12,702
Median forecast · p10-p90: $9,274 to $15,631
Latest observed: $13,543 · Jul 2026
Choose a horizon
The median and range update together.
History & forecast
White: observed history. Blue: forecast median. Shaded: p10-p90 model range.
All values in US dollars per metric ton, monthly average
Model validation
| Horizon | Tests | Model errorModel | No-change errorNo change | Band coverageCoverage |
|---|---|---|---|---|
| 3 months | 58 | $698 | $635 | 86.2% |
| 6 months | 55 | $1,164 | $1,028 | 80.0% |
| 12 months | 49 | $1,560 | $1,352 | 77.6% |
A simple no-change forecast had lower or equal average error at every horizon in these tests. Rolling backtests of this model on the latest revised history; overlapping forecast errors are not independent. The p10-p90 band is a model range, not a calibrated guarantee. Methodology · Forecast audit
Evidence & context
Source data
Source & observed data
| Date | Value | Change |
|---|---|---|
| Jul 2026 | $13,543 | −0.07% |
| Jun 2026 | $13,552 | +0.30% |
| May 2026 | $13,512 | +4.82% |
| Apr 2026 | $12,891 | +2.89% |
| Mar 2026 | $12,529 | −3.26% |
| Feb 2026 | $12,951 | −0.27% |
| Jan 2026 | $12,987 | +10.14% |
| Dec 2025 | $11,791 | +9.05% |
| Nov 2025 | $10,812 | +0.67% |
| Oct 2025 | $10,740 | +7.46% |
| Sep 2025 | $9,995 | +3.34% |
| Aug 2025 | $9,672 | −1.01% |
Sources & limits
Source: FRED, Federal Reserve Bank of St. Louis · PCOPPUSDM. Methodology · Forecast audit
Historical context
Outside the model
What could change this forecast?
A small, dated reading list. TimesFM sees the data series, not these stories. This context is not a trading signal.
No recent item selected for this series. We would rather leave this quiet than fill it with a weak match.
Selected for relevance, not a claim of causation. Source dates stay visible. Original reporting remains with its publisher.