Copper: the published research is unusually one-sided — every voice tracked this week sees the metal pushing toward all-time highs, with no bearish dissent.
The near-term case, as one strand of physical-market research lays out, rests on hard evidence: LME inventories at multi-month lows, the market in backwardation (spot prices above futures, a classic tightness signal), and large volumes being rerouted to the US ahead of tariff risk, draining supply elsewhere. Speculative long positioning is building on top of that.
A separate body of research frames the longer story as structural: electrification, AI data-center build-out, and the energy transition are colliding with a slow mine-development pipeline and disruptions at major producers, notably in Chile. The deficit, these analysts argue, cannot be closed quickly.
One particularly high-conviction thread in recently published work calls this a multi-year "train wreck" — no downside at any horizon, with the cycle extended precisely because supply cannot respond in time.