Copper: Interplay Of Structural Tailwinds And Cyclical Headwinds
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We expect a copper supply-demand deficit to emerge in 2026 and widen into the end of the decade. This will provide a tailwind for copper prices over a long-term horizon. That said, we believe a better opportunity to position for a structural uptrend in copper prices will arise over the coming six-to-nine months.
BCA Research | FICC
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