Jpmorgan Chase: Copper and aluminum prices will rise in the second half of the year
May 15, 2025
Jpmorgan Chase predicts that the average price of copper will be $9,225 per ton and that of aluminium will be $2,325 per ton in the second half of this year. The bank pointed out that the easing of trade between China and the United States, which is better than expected, is a key factor in reducing the possibility of an economic recession, thereby alleviating the risks of demand and price decline for these two base metals. In the short term, prices may rise further as Chinese buyers continue to purchase in advance after the easing of tariffs. The bank expects that as Section 232 of the United States imposes tariffs on copper imports to the United States, resulting in a reduction in the volume of excess goods shipped to the United States, more supply will flow into Asia in the coming months. Although the bank warned that copper prices above $9,500 could trigger a price-sensitive response, the low visible inventory coverage rate of aluminium remains a supportive micro factor. If the demand for automobiles drops significantly, it may lead to a decline in aluminium prices later this year.
