Copper's week: near-term headwinds, but the structural bull case gained ground.
Early in the week, some researchers argued copper faces cyclical downside — one strategic forecast saw prices drifting from around US$13,328/t in July 2026 to roughly US$12,000/t by end-2028, citing fading support from sulphuric acid costs, incremental mine supply, and soft Chinese construction demand. A separate note flagged pressure from higher bond yields and a stronger dollar after Gulf military escalation.
From mid-week onward, the tone turned more constructive. Multiple analysts framed industrial metals as a scarcity hedge tied to the energy transition, AI data-center buildout, and years of underinvestment in extraction. Others highlighted strategic stockpiling by governments as a persistent bid.
The most bullish thread argued Strait of Hormuz disruptions and China's curbs on sulphuric acid exports threaten global supply — roughly 200,000 tons of Chilean output was cited as at risk. One published view floated copper reaching US$12–18/lb on a short horizon if supply shocks materialize.