China Merchants Securities says copper is shifting from a cyclical industrial
metal to a strategic critical mineral as AI-driven digital infrastructure and
global electrification accelerates. Prices remain elevated, with two major
exchanges up about 10% YTD. The firm flags three core price drivers: global
liquidity, the US‑Iran situation, and supply–demand fundamentals. Near term,
watch liquidity tightening and changes in geopolitical risk; medium-to-long
term, price direction will hinge on evolving supply‑demand dynamics.