With copper prices pushing higher again, UBS analysts say the rally is just getting started.

In fact, “they continue to believe copper is structurally undersupplied and advised investors to stay long, with tightness in the copper concentrate market building up, as reflected in lower treatment charges,” as noted by Investing.com.

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In addition, “UBS also doesn’t expect demand to be weak either. They see it expanding by over 3% this year, saying structural drivers are still in place. As a result, UBS has brought forward its forecasts by a quarter and raised its March 2025 estimate by $500/mt to $10,500/mt.”

That being said, investors may want to keep an eye on copper stocks, like Freeport-McMoRan (FCX), which could push even higher on the copper rally.


Ian Cooper