Copper is the rare macro call where published research is lining up on the same side: multiple analyst camps this week argue prices have further to run, driven by a mix of tight supply and structural demand.
On the cyclical side, researchers point to thin physical inventories, strong Chinese import demand keeping premiums elevated, and the wildcard of potential US copper import tariffs as an added upside catalyst. Another strand of recent research frames base metals as a cyclical overweight, anchored by resilient global demand and structural tailwinds from the energy transition and AI data center buildout.
A more structural thread argues the bull case runs for years, not months: persistent supply deficits, a shortage of major new mine discoveries, and growing political backing for copper mining — Canada gets a specific mention — are seen as forces sustaining higher highs.
The horizons differ — months, medium-term, multi-year — but the direction of travel in the published consensus is the same. Copper is one of the most consistently flagged commodity calls in this week's research.