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 accelerate. 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 evolv

2026-06-27

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 accelerate. 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.