Copper closed the week as the standout in metals, with most published research framing it as structurally underpriced versus future supply.
Several strands of analysis pointed to the same setup: 8–10 year project lead times, declining ore grades, a decade of underinvestment, and demand pull from AI data centers, grid build-outs, electrification, and defense. One forecast flagged copper as "the most mispriced metal to supply," while another called it the most bullish chart in commodities at 52-week highs, watching for a break toward the $7 area.
Near-term, US tariff anticipation — with a Commerce Department decision expected by end-June — has widened the US premium and pulled metal toward US ports. Physical tightness is showing up at the LME, where cancelled warrants jumped to 37% of inventories.
Not all views aligned. One forecast saw 2027 prices easing modestly versus 2026, and a downside scenario flagged an oil-driven recession and stronger dollar as risks that could pressure base metals.