Analysts at U.S. bank Citigroup (NYSE: $C) forecast that global copper consumption will rise in 2026.
Copper consumption increased a modest 1% year-over-year in September 2025, according to market data.
The September data showed consumption outside China increased by 2% compared to the same period of 2024.
But China’s consumption remained flat year-over-year, proving to be a drag on overall consumption of the red industrial metal.
Looking ahead, Citigroup expects weak year-over-year consumption through the current fourth quarter of 2025 due to subdued manufacturing activity.
However, the bank’s analysts see cyclical copper demand strengthening in the next year as China emerges from its prolonged economic malaise.
Citigroup also expects copper prices to continue trading beyond fundamentals as markets benefit from several tailwinds in 2026, including stronger consumption and supply constraints.
Copper’s price has risen 27% in 2025 to trade at $5.11 U.S. per pound.
Citigroup’s stock has gained 44% this year to trade at $100.76 U.S. per share.
