Global Banks Back Copper Outlook Amid Supply Squeeze and Chile Mine Strikes

Key Facts

1UBS stated that copper remains one of the highest-conviction commodity themes driven by data-center and electrification demand.

2JPMorgan warned that a strike at Antofagasta's Centinela mine in Chile could soon impact production levels.

3Deutsche Bank set a new price target for London copper at $22,050 per ton for 2Q27.

UBS stated that copper remains one of the highest-conviction commodity themes, driven by structural demand from data centers and electrification. According to Reuters, Deutsche Bank has set a new price target for London copper at $22,050 per ton for the second quarter of 2027, while JPMorgan warned that a strike at Antofagasta's Centinela mine in Chile could soon impact global production levels.

Antofagasta (ANFGF) shares closed at $50.49 on October 9, 2026, as markets weigh the impact of labor disruptions on a persistent supply gap. In the financial sector, JPMorgan (JPM) closed at $332.99 and Deutsche Bank (DB) finished at $33.68 on October 9, 2026, amid reports that global copper inventories have reached unprecedented lows.