Copper: the published research is lining up firmly bullish.
Across multiple recently-published views, the directional call is the same — prices head higher — with disagreement only on timing and which drivers matter most. The demand case, researchers argue, rests on three legs: the energy transition (EVs, renewables, electrification), the AI data-centre buildout, and China's renewed push into manufacturing and infrastructure. One published forecast pins a price peak near US$13,350 a tonne by Q1 2027, tying it explicitly to net-zero policy and data-centre growth, before an expected consolidation.
On supply, analysts point to a sharp drop in visible stockpiles, Strait of Hormuz-related disruptions, and the simple reality that new mines take years to build — constraints that hold even if global growth softens. One thread of recent research notes copper is already hitting record levels, suggesting the move is live, not just anticipated.
The split: some frame it as a tactical 2026–27 tightness story; others see a multi-year structural trade driven by AI and Chinese industrial policy.