Copper's bull case is gaining backing from two angles at once: structural demand and a clean technical breakout.
Research published this week argues LME copper could average $12,400 a tonne in 2026 — a 24% jump from current levels. Analysts making the fundamental case point to a durable demand story: AI data centres, energy storage build-out, and grid modernization, with US inventory accumulation adding near-term tightness.
A separate strand of technical research flags that copper has confirmed a breakout to all-time highs. Despite earlier scepticism that the macro backdrop could support such a move, the breakout is being read as genuine — corroborated by Chinese import flows and stockpiling activity.
What's notable is the convergence: the published fundamental view and the chart-based view are pointing the same direction, with one camp pricing the LME 3-month contract and the other reading spot at record highs. Both frame the move as durable rather than a squeeze or noise.