JPMorgan Chase views copper as a long-term "macrocycle" asset, arguing that its price movements should not be interpreted solely according to ordinary economic cycles. The core reasons are constrained supply, tariff factors, and very strong long-term demand. Charts in the report further show that the global copper market may begin to experience a supply gap around 2027, which will continue to widen in the 2030s; simultaneously, the number of large copper mine discoveries has decreased significantly, from 116 in the 1990s, 104 in the 2000s, to 37 in the 2010s, and only 6 between 2020 and 2025. Even if exploration investment subsequently rebounds, new resource discoveries have not recovered in tandem, reinforcing the assessment of a long-term tight supply. (The above views are from JPMorgan Chase's September 9th report.)
