Copper: published research is uniformly bullish, pointing to a squeeze where constrained supply meets structural demand.
The core argument across recent analyst notes: two supply shocks are converging. Disruptions around the Strait of Hormuz are tightening global sulfuric acid supply — a critical input for copper extraction — while China is restricting its own sulfuric acid exports. Researchers estimate this puts roughly 200,000 tons of Chilean copper production at risk.
On demand, one camp of analysts stresses the sheer volume of copper needed for AI data centre buildout and broader electrification, which is absorbing supply faster than new mines can come online.
On price, a more aggressive thread of recent research suggests copper could reach $12–$18 per pound within 12 months, arguing substitutes like aluminium wiring aren't practical at scale. A separate published view frames copper as "cheap two years out," treating today's elevated prices as reasonable against expected deficits — and ranks it above gold as a long-term opportunity.