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Copper prices climbed by 15 percent in the first quarter of 2026, reaching a record high in January and remaining elevated through April, according to the World Bank’s April 2026 Commodity Markets Outlook.
The rise in copper prices was expected to benefit Zambia, where copper remained the country’s largest export and a major source of government revenue, foreign exchange earnings and employment.
Higher global copper prices mean Zambia earns more foreign currency from exports even when production volumes remain unchanged, helping to strengthen foreign exchange reserves and improve dollar liquidity in the economy.
According to the World Bank report, the rally in prices has been driven by strong global demand, supply disruptions at major mining operations and uncertainty over possible United States tariffs on refined copper imports.
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The report noted that global refined copper production remained largely unchanged in 2025, while mine output growth is expected to remain modest due to declining ore grades and operational challenges at major mines in Asia and South America.
Supply pressures have also intensified following disruptions to sulfur exports from the Middle East. Sulfur is a key component in the production of sulfuric acid, which is widely used in copper ore leaching processes.
Despite supply challenges, the World Bank projected demand for copper to remain robust, supported by rising investments in electrification technologies, digital infrastructure, transportation systems and increased defence spending by major economies.
“Demand for copper and other critical minerals is being accelerated by the global shift toward clean energy technologies, digital infrastructure expansion, artificial intelligence, and advanced military systems,” the report stated.
The World Bank forecasts copper prices to rise by about 21 percent in 2026 compared to last year, potentially setting a new annual average record.
However, prices are expected to ease by around eight percent in 2027 as supply conditions gradually improve.
The report attributed part of the anticipated supply increase to the phased restart of Grasberg Mine, one of the world’s largest copper mines, which is expected to boost global copper output over the next two years.
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