World Bank Raises Copper Price Forecast, Gold and Silver Expected to Ease

The World Bank raised its 2027 copper price forecast by 18% to $13,000 per tonne, or about $5.90 per pound. This new estimate is only 1.5% below the $13,200 average projected for this year. The bank expects copper prices to stay near record highs as new mines struggle to meet demand.

Demand comes from expanding power grids and data centers. Ayhan Kose, the bank’s deputy chief economist, noted that commodity markets face multiple shocks. Higher energy costs and trade disruptions drive up prices for many commodities. This threatens inflation and economic growth.

Long development timelines for mines contribute to supply limits. Global copper demand eased slightly in the first half of the year. Mine disruptions and metal moving to U.S. warehouses tightened availability elsewhere. The bank also increased next year’s tin forecast by 22% to $45,000 a tonne and zinc by 13% to $3,100.

Gold is forecast to average $4,250 per ounce in 2027, down 7.6% from this year’s projected $4,600. The bank trimmed this estimate, expecting investment and central bank buying to moderate. Silver prices are projected to average $62 per ounce next year, an 11% drop from $70 this year. High silver prices encourage solar manufacturers to reduce its use.