Global markets are now witnessing a turning point in the copper market dynamics. The copper price is now surging to its highest levels as demand for EVs and data centers continues to drive its price forward. Moreover, the copper shortage crisis looming over is also fueling its surge, with global investors trying their best to hoard the metal.

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Copper Market Dynamics: What’s Changed?

Copper markets are now showing signs of a bolstering demand surge. Per the latest post by the Kobeissi letter, copper price is now on the verge of a transformation, as global investors rush to stockpile the asset. The KL post outlines how copper inventories at Comex, Shanghai Futures Exchange, and London Metal Exchange are up by 1.02 tonnes of copper. What’s striking is the fact that this number is at its highest in 23 years, giving the copper market a new shape and narrative to work with.

Copper is now an essential metal, gaining significant momentum as artificial intelligence tools take over the world. Copper is used as a primary element in many automobiles and industrial sectors, making it a core metal to hoard at the moment.

“The global rush for copper shows no signs of slowing. Copper inventories at Comex, Shanghai Futures Exchange, and London Metal Exchange are up to 1.02 million tons, the highest in 23 years. Copper stockpiles have DOUBLED since September. Since 2024, inventories have soared 380%, one of the most rapid increases in history. Copper inventories at Comex alone surged to a record 534,405 tons in the first week of February. Copper inventories in warehouses tracked by the London Metal Exchange have surged for 27 consecutive days. The longest streak since 2009. Global copper stockpiles are skyrocketing.”

What Does Wall Street Think of Copper?

The copper price and market are now heading towards a new milestone. In this wake, the surging demand for copper has led Goldman Sachs to predict a new price of $10,000 to $11,000 a tonne for copper. In addition to this, JP Morgan and Morgan Stanley have predicted $11,800 and $12,780 for copper, respectively.

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