Copper is holding a bid, and one strand of published research sees that continuing.
According to a recently released policy assessment from a major central bank's governing council, copper prices have moved higher and are likely to stay supported — or grind higher still — on a cyclical basis.
The reasoning, as laid out in that same published view: tight supply meeting sturdy global demand. AI infrastructure buildout is called out specifically, alongside a broader pickup in capital spending across economies. Analysts framing it this way treat the demand side as structural rather than a short-term trade, and notably flag no meaningful near-term downside scenario for the metal in their assessment.
The read-through for a general audience: the copper story is increasingly being described in official research as an AI and capex story, not just a China cyclical one. Whether that framing holds through the next demand data point is the open question — but for now, the published consensus in this corner leans constructive.