The bank cites strong U.S. and China demand as support for copper prices despite recent pullback from all-time highs.
Copper prices have retreated from record levels after a sharp rally, but the decline is viewed as a temporary setback. Strong import demand from the U.S. and China has tightened supply, underpinning the market’s fundamentals.
Prices surged to all-time highs earlier this year before easing in recent sessions. Analysts had expected consolidation after the rapid ascent, with consensus estimates pointing to continued demand growth in key industrial sectors.
The pullback is seen as a potential buying opportunity, with long-term fundamentals remaining intact.