Deutsche Bank Warns of Historic Copper Squeeze and 50% Price Rally

Key Facts

1Deutsche Bank forecasts copper prices to rally to $22,050 per ton by the second quarter of 2027.

2The bank estimates US and Chinese stockpiling will encumber 71% of global inventories by year-end.

3Bank analysts warned that freely available global inventories could approach zero by the end of 2028 due to underinvestment.

Deutsche Bank forecasts copper prices to rally to $22,050 per ton by the second quarter of 2027. Reuters reported that the bank estimates US and Chinese strategic stockpiling will encumber 71% of global inventories by the end of this year. Analysts warned that freely available global inventories could approach zero by the end of 2028 due to decades of underinvestment in supply.

The warning follows a period where Deutsche Bank DB shares closed at $36.57 on September 25, 2026. According to the bank, the combination of de-globalization and supply constraints has created significant vulnerabilities in the market. Analysts described the situation as the most acute copper scarcity on record, noting that current stockpiling rates could lead to a breaking point that necessitates higher prices to balance the market.