Why did copper prices fall despite strong Chinese export growth?

Copper prices fell due to heightened expectations of a US interest rate hike and investor concerns about risks in AI stocks, which have become closely linked to base metals demand; although Chinese exports surged over 19% year-on-year—boosted by AI hardware demand—the broader market sentiment weakened as bulls exited base metals amid monetary policy uncertainty and tech-sector volatility, leading to declining open interest on the Shanghai Futures Exchange.

What long-term copper price forecast do Jefferies analysts provide, and what is their rationale?

Jefferies analysts forecast copper prices will rise to and average $8 a pound ($17,636 a ton) in 2030 and 2031, adopting a previously bullish scenario as their new base case, citing sustained strong long-term demand for the industrial metal—particularly driven by AI infrastructure and related electrical applications.

Copper Falls With Rate Hike Prospects, AI Stocks Risk in Focus

Jun 8, 2026

Copper prices declined amid US rate hike expectations and AI stock volatility, despite strong Chinese exports. Jefferies analysts forecast an average price of $8 per pound by 2030-2031.

bloomberg

2026-06-08

Copper Falls With Rate Hike Prospects, AI Stocks Risk in Focus

Copper Falls With Rate Hike Prospects, AI Stocks Risk in Focus

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