BMI analysts say that tightening supply and robust demand will continue to support copper prices. They note: ““The December interest rate cut by the Federal Reserve, ongoing concerns about tightening supply, and the prospect of further industry tariffs continue to fuel year-end optimism for the metal.” The Fitch-affiliated agency forecasts an average copper price of $11,000 per ton this year and $12,500 per ton next year.However, BMI analysts warn that the resurgence of U.S. tariff pressures could lead to increased volatility. The U.S. Secretary of Commerce is scheduled to provide an updated report on the domestic copper market by June 30, which will determine whether to impose a 15% global tariff on refined copper in 2027, rising to 30% in 2028.