Copper's Upward Trend Can Continue, BlackRock Says

Summary

BlackRock's Evy Hambro argues that copper's upward trend remains intact despite its strong year-to-date rally. He points to a very tight physical market, tariff-related stockpiling flows, and structural supply constraints such as declining grades and limited new mine development. Codelco's shift toward profitability over production is cited as another bullish supply signal. His core message is that investors should not dismiss copper as a trade that is already too late.

• Copper has risen double digits year to date and traded near 14,000 before softening in the session.
• Evy Hambro says the copper market is very tight, with low warehouse levels outside the US.
• Tariff speculation and stockpiling into US warehouses have created immediate delivery premiums.
• Structural supply issues include declining grades, ageing assets, and long lead times for new supply.
• Codelco's new leadership said it will prioritize profitability over production and will miss production goals.
• Hambro argues the trend is the key signal and that avoiding copper because it has already risen has meant missing out.