Copper: published research is unusually one-sided right now — every recent take leans bullish, with none of the usual dissent.
The published consensus points to copper holding near record highs through 2026 and beyond, driven by a structural gap between supply and demand. Researchers argue the demand side is being pulled higher by the energy transition, green tech build-out, and AI data center power needs — with some recently-published forecasts suggesting AI-related electricity demand could triple by 2028. One thread of analysis notes that large tech firms and several governments are already stockpiling copper as a strategic input.
On supply, analysts highlight that Chilean output is falling even at record prices, new mines are slow to come online, and lingering disruptions like the Grasberg shutdown continue to bite. A separate strand of commodities research flags El Niño weather risks as a further squeeze on mine output — reinforcing the bullish setup rather than challenging it.
Conviction in the published work actually rises at longer horizons, where electrification and AI demand are framed as outweighing cyclical swings.