Published research on copper is running almost uniformly bullish, pointing to a rare alignment of structural demand and stubborn supply constraints.
On the demand side, analysts point to reinforced Chinese infrastructure spending, the AI Plus initiative, and multi-trillion RMB commitments as durable catalysts. Data center buildouts get repeated mentions — one camp argues the pattern of higher highs and higher lows directly contradicts any slowdown narrative.
On supply, the published consensus flags Codelco's production troubles, weather disruptions in Chile, low global inventories, and the DRC's recent export restrictions as keeping the concentrate market in deficit near record prices. A longer-horizon view making the rounds argues that $5.50–$6.50/lb is now a structural floor rather than a cyclical peak, citing de-dollarization, Chinese demand, and a thin pipeline of major new mines.
The lone dissent is cyclical: some recently-published views warn copper's tight correlation with equities leaves it exposed if risk assets mean-revert into year-end. Notably, no one is arguing the bull case is wrong — just that the tape could wobble.