Copper is drawing a notably bullish tone from this week's published research, with multiple independent analyses pointing to structural demand running ahead of supply.
One camp of researchers argues prices could push toward $15,000 per ton through the second half of 2026, citing tight supply, a global industrial upturn, and intensifying US-China competition for refined copper. They also expect any US tariff regime to be calibrated so imports remain attractive — a setup that supports rather than chokes demand.
A separate thread of recently published analysis frames copper as a direct beneficiary of the AI infrastructure build-out, treating data center and grid spending as a durable demand catalyst and elevating the metal within preferred European mining exposure.
A longer-dated view in the research consensus positions copper (alongside nickel) as a multi-year winner from emerging market industrialisation and the energy transition, with years of underinvestment in new mines underpinning the case.
The common thread: structural demand, constrained supply.