UBS Hikes Copper Forecast Ahead of China's Politburo Meeting

UBS has raised its copper price forecasts ahead of an upcoming Politburo meeting in China. According to Robert Friedland, one of the key priorities for the meeting is planning fixed asset investments, including artificial intelligence datacenters and energy projects.

The focus on these areas may have implications for future demand for copper and broader market trends. Copper prices have remained close to all-time highs as London Metal Exchange (LME) stockpiles continue to fall.

Robert Friedland has previously noted that mine supply disruptions will sustain market tightness in the sector, while the US has taken steps to address supply chain risks with an executive order mandating full mapping of critical minerals.