Copper's setup is drawing a rare unanimous bullish read from published research this week, with prices seen grinding higher into the second half of 2026.
The core argument, according to recent third-party analysis, is a supply story: concentrate deficits are running near record levels, described in one research note as a "very strong micro" backdrop. Smelters simply aren't getting enough raw material, and that scarcity is expected to feed through to refined prices.
Analysts also flag two supporting tailwinds — a pickup in Chinese demand and continued build-out in tech-linked end uses. The published consensus expects copper to outperform aluminium from here, with the argument being that the broader macro lift that briefly buoyed industrial metals is fading, leaving each metal to trade on its own fundamentals. On that scorecard, copper's tight supply picture stands out.
No dissenting research view surfaced in today's scan — worth noting, since one-sided positioning is itself a risk to watch.