Copper looks set for a structurally higher price regime over the next 5–10 years, according to a growing body of published research.
Researchers argue the demand side is stacking multiple tailwinds at once: electrification of transport, AI data-center buildouts, power-grid upgrades, de-globalization pushing domestic construction, and remilitarization drawing down existing stockpiles. The supply side, analysts note, simply cannot keep up — new mines take a decade or more to permit and develop, and there is little sign of a meaningful response coming soon. That combination, the published consensus holds, points to persistent and deepening deficits.
A second strand of recent research echoes this structural bull case, flagging a long-run supply crunch even while cautioning that near-term prices could see tactical pullbacks. Both camps converge on the same core view: supply will lag demand by at least a decade. Some recently-published work goes further, suggesting $10/lb copper is plausible before any serious new supply can come online.