Copper: the published research is lining up on the same side — higher prices ahead, with only the timing in dispute.
The long-run case, as one strand of research frames it, rests on the energy transition and AI infrastructure buildout. Physical copper demand over the coming decades is argued to structurally outpace supply, especially as ore grades keep declining.
A more near-term view from other analysts points to US tariff escalation on refined copper imports as the catalyst. That camp sees LME copper pushed toward $15,000/ton in H2 2026, as a US–China tug-of-war for copper units raises China's buying floor and risks a sharp squeeze if inventories outside the US drain quickly.
A separate thread of recent commentary folds copper into a broader reflation theme, flagging attractive valuations across commodity names and cyclical upside.
And the strategic take from other published views: treat any near-term AI or capex-driven pullback as a buying opportunity, given the durability of the demand story.
Different horizons, same direction.