Copper's bullish thesis hardened across the week, with research converging on a structural, multi-year bull case rather than a tactical trade.
Early in the window, analysts framed copper as a prime cyclical beneficiary of global fiscal expansion and the AI-driven capex wave, fitting neatly into a "run it hot" macro backdrop. A separate strand argued copper has already entered a new secular bull regime, having broken out of long-term ranges, with published price targets floated at $7–$8 per pound or higher as part of a broader commodities upcycle.
By the end of the week, the supply side took center stage. Researchers highlighted persistent structural shortages, insufficient mine development, and constrained refining capacity, with demand from electrification and Western and Chinese reindustrialization expected to outpace supply for years. One thread went as far as calling copper a "no-brainer" long-term hold, citing the multi-year lead times required to bring new mines online as evidence the deficit cannot be closed quickly.