Feroce Research
Thematic Research, Technical/Macro/Fundamental Analysis & Quantitative Positioning
Copper is being accumulated ahead of a rally as the market front-runs a peak in Treasury yields and crude. Despite a rising 10-year yield and WTI crude, copper and silver have opened higher every week and stayed green amid market uncertainty, setting up to ignite on any sign that crude and yields have peaked. x.com x.comÂ
Copper and base metals look bullish on currency debasement and years of copper deficits. x.com x.comÂ
Copper could see extreme demand from the AI buildout over the next few years, enough that $8,000 may end up being the Wave 5 target zone. x.comÂ
Copper will follow the AI trade lower, making it a good catch-up short. x.comÂ
Copper prices will have to rise as demand is expected to grow significantly over the coming decade and global supply is expected to be 70% short by 2040. Per Chamath, copper is set to go absolutely parabolic as the most useful, cheap conductive material, used in data centers, chips and weapons. It is also a great macro hedge right now and a favorite long-term safe-haven pick, with ETFs preferred and COPX the current favorite. A reply warns full LME warehouses could bring a correction. x.com … Show more
Copper is heading toward a potential supply crunch as tariff fears tighten global supply just as AI data centers, renewables and power grids demand more of it than ever. Prices just hit a record $14,533 per ton. x.comÂ
Copper's rally is driven mainly by financial players rather than physical demand, making it unsustainable in the short term. Inventories keep rising against the shortage narrative, commercial hedgers are near multi-year shorts while CTAs hold multi-year highs, and China's credit impulse is deteriorating. The cycle and seasonality point to a peak in late August or early September, and a weekly rising wedge signals exhaustion. The long-term picture stays bullish after a reset into Q4 or Q1 2027. … Show more
Copper's rally is driven by grid buildout and AI-driven power demand pulling physical inventory tighter than the futures curve reflects. The move started well before anyone was pricing a Fed pivot; the rate story is the narrative people reach for after the fact, not the driver. x.comÂ
Copper shorts are making a risky bet as Shanghai and London report record-low copper inventories. Guided by the White House, shorts are piling in on the view that inventories will be allowed to run to zero before anyone buys. x.com x.comÂ
Copper is not a bullish play, as it is arguably used more as a transitional tool over the next two years. That holds even though NVIDIA's CEO said they will need more copper, alongside optics and CPO. x.comÂ
Copper is the new gold: a real-world-asset store of value that predates Robinhood's tokenized assets. x.com x.comÂ