Copper broke out to fresh all-time highs this week, and published research is broadly aligned: the move has further to run.
Several analysts tied the surge to a "perfect storm" — structural demand from electrification, AI data center buildouts, and grid investment colliding with persistent supply constraints. Mine disruptions, long development timelines, and shortages of sulphuric acid (much of it sourced from the Gulf region, where the Iran situation is adding pressure) are repeatedly cited as squeezing supply. China inventory drawdowns and stockpiling were flagged as evidence that demand is stabilizing, not fading.
On price, one forecast pegs 2026 averages near $12,400/t, up roughly 24% year-over-year, with a local peak projected around $13,350/t in Q1 2027. Technical analysts noted the breakout above 12,340 is genuine, with bullish momentum intact so long as dips are bought.
Even previously skeptical voices acknowledged the breakout is real. Downside risk, per the research, lies mainly in macro shocks — but supply tightness is expected to dominate.