Copper hit fresh record highs this week, and the published research is near-unanimously bullish — with one notable dissent.
The dominant thread across analysts: front-month futures are pressing all-time highs on a mix of tight physical markets, multi-month lows in LME inventories, backwardation signaling scramble for prompt supply, and mine-side disruptions (storms in Chile, fresh DRC export restrictions). On the demand side, researchers repeatedly cited AI and data center buildout, electrification, and reinforced Chinese infrastructure spending as structural drivers that dwarf near-term wobbles. One view framed copper as having reset into a new structural plateau in the $5.50–$6.50/lb range, with no return to $3 copper given supply lags and persistent Chinese demand. Another argued the rally itself contradicts recession calls for late 2026.
The lone contrarian flagged copper's tight correlation to equities and warned a normal second-half risk-asset pullback could trigger a sharp cyclical correction.