LME Copper ($US/MT)

Copper looked on course to punch above $US14,000 last week before interest rate concerns weighed on the industrial metal. We continue to target fresh highs above US$15,000/t as global supply struggles to keep pace with demand from AI infrastructure and the broader electrification trend. However, this has become an increasingly crowded trade, meaning volatility is likely to rise as both the metal and related equities move higher, with sharp pullbacks such as those seen in recent sessions likely to remain a feature of the journey.

• We remain bullish towards copper believing surprises are likely on the upside but for now it needs to clear the hawkish hurdles.