Copper prices are poised for further gains in the coming years, with UBS and Jefferies both reaffirming their bullish outlooks for the metal amid structural demand growth, tightening physical markets, and easing macro uncertainty. UBS raised its 2025 copper price forecasts by around 5%, citing a reduction in tariff-related risks and encouraging long-term investors to look past what it sees as a temporary soft patch in demand. “Underlying demand has remained resilient so far, but we continue to expect a softening in demand/fundamentals to weigh on prices and cap upside in the near term,” UBS analysts wrote in a note. ... (full story)