Copper is poised for a controlled pullback rather than a breakdown, with prices projected to ease about 1.6% from $12,951/ton on 1 February 2026 to roughly $12,747/ton by 26 April 2026 as the market normalizes from premium levels and sentiment cools from earlier “supercycle” narratives. The mildly downward path reflects softer near‑term demand—slower Chinese grid and property momentum, flat Western PMIs, and reduced restocking urgency—while leaving the longer‑term structural bull story (EVs, grid, data centers) intact rather than signaling the start of a cyclical bear market.

Copper is poised for a controlled pullback rather than a breakdown, with prices projected to ease about 1.6% from $12,951/ton on 1 February 2026 to roughly $12,747/ton by 26 April 2026 as the market normalizes from premium levels and sentiment cools from earlier “supercycle” narratives. The mildly downward path reflects softer near‑term demand—slower Chinese grid and property momentum, flat Western PMIs, and reduced restocking urgency—while leaving the longer‑term structural bull story (EVs, grid, data centers) intact rather than signaling the start of a cyclical bear market.