Copper looks "grossly underpriced" relative to its historical price range and current cost dynamics, according to a recently published contrarian view.
The argument rests on structural pricing pressure — mining costs and long-run supply constraints — rather than short-term demand swings. On that basis, the published thesis calls for staying positioned long in copper for at least the next couple of years, treating it as part of a broader basket of industrial metals seen as structurally cheap at today's levels.
Worth noting: this is a multi-year positioning call, not a near-term trade. It also runs against the more cautious tone in parts of the macro research world, where slower global growth is expected to weigh on industrial metals. The bull case essentially bets that supply-side realities matter more than the demand-side worries.