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Several banks have raised their price forecasts for copper due to growing supply concerns.

Both Swiss bank UBS (NYSE: $UBS ) and German lender Deutsche Bank (NYSE: $DB ) have lifted their price targets on the red industrial metal as global supplies become constrained.

UBS analysts see copper's price rising to $11,500 U.S. a tonne by March 2026 and increasing to $13,000 U.S. a tonne by the end of next year.

At the same time, Deutsche Bank lifted its 2026 copper price forecast to $10,600 U.S. per tonne, with peak prices projected to exceed $11,000 U.S. a tonne in the first half of next year.

The new forecasts are largely due to persistent supply risks and falling inventories that are expected to keep conditions tight over the next 12 months.

In particular, a slowdown in Chinese demand that began in the second half of this year is expected to persist in 2026.

Deutsche Bank highlights the pace of new copper project approvals, noting that they are expected to remain below the level required to meet demand over the coming year.

UBS says that mine disruptions this year, including a fatal incident in Indonesia, slower output recovery in Chile, and labour protests in Peru, underscore structural supply constraints.

Copper is currently trading at $10,777 U.S. per tonne on the London Metal Exchange.