Copper is drawing a rare unanimous bull call across published research this week — tactical, cyclical, and strategic horizons all pointing higher.
On supply, one strand of recent analysis highlights refined copper being rushed into the US ahead of possible tariffs, alongside steady drawdowns at global exchanges. Others note global mine output fell 1.1% in the first half, with major producers missing targets and several African governments tightening control over resources. A separate research thread flags a sulfuric acid shortage — worsened by Qatari LNG disruptions — as an added processing bottleneck.
On demand, the consensus view points to the same structural forces: grid electrification, renewables, and above all the AI data-centre build-out, which is copper-intensive for cabling and construction. Chinese demand is expected to firm seasonally, with inventories at new lows.
Views split by horizon: near-term arguments lean on futures curve backwardation, cyclical calls tie into AI capex, and the longest-dated research projects structural deficits through 2030, arguing prices must rise to incentivise new mines. No bearish copper takes surfaced.