Encouragingly copper has started to consolidate even as news from the Middle East fails to meet expectations over recent weeks – a market that doesn’t fall on “bad” news delivers a bullish read through. For copper to challenge its 2026 highs we need to see the global economy return to a more confident footing but at least the software stocks are telling us the AI Trade is alive and well – good news for copper. Plus, since the war has highlighted the risks to fuel prices EVs sales have taken off another tailwind for the industrial metal.
- We remain bullish towards copper over the coming years as global electrification and AI demands increase.
MM remains bullish towards copper ~$US13,300/MT
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