Copper does appear to be entering a long-term structural bull market that resembles a supercycle, driven by rising demand from electrification, EVs, renewable energy, AI data centers, and power-grid expansion, while new copper supply remains extremely slow and difficult to increase.
However, it is unlikely to be a smooth nonstop boom because copper is still highly tied to global economic conditions, especially China and industrial growth. The more realistic outlook is a “higher-for-longer” copper environment with major price swings — meaning copper prices may stay structurally above historical averages for many years, but still experience sharp cyclical crashes during recessions or market slowdowns.
For stocks like Freeport-McMoRan, this creates strong long-term upside potential alongside significant volatility.
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