Copper's bullish case is getting louder in published research, with independent analysts converging on the view that prices have further to run — not as a short-term trade, but as a multi-year structural story.
The core argument, as laid out in recent research: mine supply is being disrupted, Middle East conflict is restricting sulphur flows critical to processing, and demand is being pulled higher by the energy transition and the AI/data center build-out. One camp of analysts concedes that higher-for-longer interest rates may cap near-term upside, but argues this doesn't break the medium-term thesis.
A more specific published call puts copper at $7.00/lb by year-end, anchoring the view in physical tightness rather than paper flows — the argument being that copper has fewer speculative leverage channels than gold or silver, so its price tracks real supply and demand more closely. Rising M&A activity among junior copper developers is cited as a confirming signal.
Notably, this is a rare case where two independent research streams land on the same direction for the same reasons.