Copper: published research this week is uniformly bullish, with tactical, strategic, and long-cycle views all pointing higher.
On the near-term picture, market analysts note that LME copper remains in backwardation — meaning buyers are paying a premium for metal right now versus later delivery — even after a recent partial easing of the spot squeeze. Ongoing inventory tightness and trade-related supply frictions are keeping the physical market firm, though fresh inflows into warehouses could stir volatility.
Zooming out, one camp of researchers frames a 3–5 year bull case: new mine supply is throttled by long project lead times while demand stays robust, driving widening deficits.
A more aggressive thread of recent research goes further, targeting $20–$30 copper across the 2028–2033 window, arguing that power grid buildouts, AI-driven electricity demand, and industrial reshoring will outstrip what miners can deliver.
Notably, across the published views surveyed, there are no dissenting bearish takes on copper right now.