Copper research this week: the bull case got louder, not quieter, as prices pushed to fresh record highs.
Multiple analysts pointed to the same structural setup — supply tightness from operational issues at mega-mines like Grasberg, declining ore grades, and long permitting timelines, meeting demand from electrification, power grids, data centers tied to AI, defense, and reindustrialization. Prices have roughly doubled over three years and just printed a new all-time high.
Near-term catalysts flagged included pre-holiday tightening in China, upcoming smelter maintenance, port congestion limiting imports, and imported metal moving straight to fabricators rather than into visible stocks. Technicians noted that a sharp dip was bought aggressively and the rebound to 52-week highs suggests buyers remain in control, with some published targets in the 7.00–7.25 range if that pattern holds.
A separate thread framed copper as a hard-asset beneficiary of resource nationalism, export bans, and fragmenting supply chains — another leg to the multi-year bull thesis. US rate risk was cited as the main offset.