Copper's bullish structural story dominated the week, though late commentary flagged stretched positioning and demand uncertainty into 2027.
Across most of the window, research pointed to an overwhelmingly tight supply-demand picture: analysts noted that only a handful of tier-one projects have come online since 2020, while the IEA sees demand rising around seven million tonnes by 2040 against a ~25% primary shortfall. AI buildout, grid expansion and transmission were flagged as fresh demand drivers with no viable substitute, while mine productivity declines, permitting hurdles and 10–15 year development timelines mean supply cannot respond quickly to price.
Near-term signals also looked firm mid-week: one thread highlighted a record Yangshan premium, deepening LME backwardation, and a crowded short being covered.
By late week, the published tone turned more cautious. With prices above $14,000/t, multiple analysts flagged stalled momentum, crowded positioning, and uncertainty over how aggressively the US stockpiles into 2027 — supportive fundamentals, but a tactical pause.