What podcasters are saying about Copper & industrial metals

Summary

In the past 30 days, 9 speakers on 8 finance podcasts discussed Copper & industrial metals in 14 views. Chorus has followed Copper & industrial metals since October 11, 2026.

Who talks about it most

• Patrick Ceresna · 2
• Brien Lundin · 2
• Peter Grandich · 2
• Damian Sassower · 2
• Jeff Snider · 2
• Larry McDonald · 1
• Daan Struyven · 1
• Sam Unsted · 1
• Ole Hansen · 1

The latest views

Newest first. Every quote is checked against the episode's transcript.

• Patrick Ceresna · Big Picture Trading

  Copper is neutral: the crowded bullish trade has failed to make higher highs, and a break below $6.50 could squeeze longs.

  Copper was the most bullish commodity in positioning and commitment-of-traders data a month or more ago, and everyone was bullish on a fundamental reason. Over the last three months, though, copper has failed to make a higher high and reward that positioning. It has deteriorated and is now bouncing back to about $6.70, near its 50-day moving average, which is a key test. A breakdown below $6.50 could squeeze the crowded trade. Ceresna stays relatively neutral until price action shows meaningful accumulation.

  “any breakdown below $6.50 could squeeze out the very crowded trade. At this moment, I would remain relatively neutral copper until we see some sort of technical price action showing some meaningful accumulation.”at 50:23

  MacroVoices: MacroVoices #556 Luke Gromen: US Midterms & Beyond · October 29, 2026

• Brien Lundin · Jefferson Financial (Gold Newsletter / New Orleans Investment Conference)

  Copper supply constraint cannot be solved by price; new mines need ten to fifteen years.

  A copper mine takes fifteen to twenty years from discovery to production. Large copper projects are known but were uneconomic for years, and all of them would need development to meet the coming demand curve. Price cannot fix the shortfall quickly, because even with higher prices it will take ten to fifteen years to bring new supply online, so a major copper supply constraint will persist.

  “So there will be still a major supply constraint on copper, and it will be unresolvable simply by price because it will take ten, fifteen years to get those new supplies online.”at 22:20

  Thoughtful Money: Gold & Silver Weakness Now Offers A "Generational Opportunity" | Brien Lundin · October 29, 2026

• Brien Lundin · Jefferson Financial (Gold Newsletter / New Orleans Investment Conference)

  Copper has no real substitute across energy generation, transmission and use, so supply must grow far more.

  Lundin says there is tremendous copper production today, but it needs to grow much more because copper cannot really be innovated around. He says copper is necessary both to deliver energy and in many end uses: windings in electric motors, wire for electrical transmission, and windings for electricity generation. He says that all along the energy distribution and usage chain, there is copper and nothing can replace it. That gives the supply need a structural, not cyclical, basis.

  “There's tremendous copper production, but there needs to be so much more because you can't really innovate around copper.”at 39:34

  Thoughtful Money: Gold & Silver Weakness Now Offers A "Generational Opportunity" | Brien Lundin · October 29, 2026

• Peter Grandich · Peter Grandich & Company

  Copper supply is structurally short, so the metal should keep rising over time even without AI demand.

  Grandich argues copper's demand case holds even if AI infrastructure spending slows, because normal global growth alone requires six tier-one copper projects to come online between now and 2050. Only six such projects have come online since 2020, so the supply-demand imbalance is severe. He concedes there will be corrective phases, but he expects copper to keep working higher over time.

  “Without AI, just normal expectation of growth in the world, we need six tier one copper projects to come online between now and 2050 in order to meet the expectation of normal growth. Right now, we've only had six since the year 2020.”at 41:27

  The David Lin Report: China's Tech Stocks Crash 40%: Is Wall Street Next? | David Woo · October 28, 2026

• Larry McDonald · The Bear Traps Report

  Data centers and grid rebuilds will need hundreds of thousands of tons of copper, supporting demand.

  Larry argues that hundreds of thousands of tons of copper will be needed for data centers and for rebuilding the power grid. He adds that India, with about a billion people without air conditioning, must build energy infrastructure, which also supports hard-asset demand.

  “Think of all the copper. ... hundreds of thousands of tons of copper are gonna need... Be needed for the data centers to rebuild the power grid.”at 43:08

  Wealthion: Larry McDonald: S&P 500 Could Crash 30% Over the Next Year · October 27, 2026

• Peter Grandich · Peter Grandich & Company

  Copper supply is far short of normal growth needs, so the metal should rise over time despite corrections.

  Even without AI demand, meeting normal global growth requires six tier-one copper projects to come online between now and 2050. Only six have come online since 2020, so the supply-demand gap is very large. He calls the copper supply-demand picture overwhelmingly bullish and expects corrective phases, but a metal that will work higher over time. He cites Robert Friedland as the best source on the topic.

  “Without AI, just normal expectation of growth in the world, we need six tier one copper projects to come online between now and 2050... Right now, we've only had six since the year 2020. So the supply and demand scenario... for copper is so overwhelmingly bullish.”at 41:29

  The David Lin Report: The 'Unravelling' That Triggers Biggest Market Reset Ever | Peter Grandich · October 26, 2026

• Daan Struyven · Goldman Sachs

  Copper has about 10% more upside to $15,600 by end-2027, as US and China compete for limited metal.

  Copper prices are up 35% year over year, and Struyven sees about 10% more upside by the end of next year, to 15,600. The driver is competition for a limited supply of metal between the US and China. The US is importing and stockpiling copper because of expected import tariffs, so traders are rushing to bring metal in before any tariff takes effect. China has increased demand for refined copper because weaker recycled scrap supply has tightened the market. With inventories outside the US low, he expects these forces to keep tightening the market and pushing prices higher. Data centers, tech companies, defense, electrical equipment, automakers and solar producers face cost pressure from this.

  “We see another 10% of upside by the end of next year to 15,600, Essentially because The US and China, and this is a broader team across commodity markets, are competing for a limited amount of metal.”at 10:00

  Goldman Sachs Exchanges: Why Oil Prices Are Surging Despite Recovering Supply · October 23, 2026

• Sam Unsted · Bloomberg News

  The AI build-out needs copper and other commodities, and building that supply takes a long time.

  Sam says the AI build-out is hard to deliver on schedule. Hundreds of billions are being spent on it, but it needs copper and many other commodities, plus grid connectors built around the world. He calls this hard, complicated, long work. Mining companies also need new mines, which is another slow process, so the speed of spending may outpace the physical supply chain.

  “You need copper, you need all these different commodities, you need to build out all these connectors to grids all over the world. And it's hard, complicated, long work.”at 23:03

  Merryn Talks Money: French Bond Markets and AI Neoclouds Feel The Pressure · October 23, 2026

• Ole Hansen · Saxo Bank

  Stays bullish on copper; the uptrend holds, with short-term headwinds possibly offering a better entry.

  The uptrend in copper is still intact, though the pace of the rally may moderate until clearer answers arrive on key questions. US copper stockpiles have grown for more than a year in anticipation of US tariffs, but the risk of those tariffs being introduced fades each day. If tariffs do arrive, an arbitrage could pull the stockpiled copper back into the global market, adding supply to a market that has been depleted in recent months. China holds about 50% of refined copper capacity, and scarcity has squeezed refiners' margins because input costs are so high. Some refiners are cutting capacity, which could weigh on supply in the coming months. The speaker still sees short-term headwinds that could give investors a better entry level.

  “I stay in the bullish camp on copper, but also just like gold, I acknowledge the fact that there are some headwinds in the short term that potentially could give investors a better entry level.”at 39:42

  The David Lin Report: Massive Selloff Today: Start Of Something Bigger? | Ole Hansen · October 22, 2026

• Patrick Ceresna · Big Picture Trading

  Crowded copper longs are breaking down; losing the $6.40 support could trigger a washout.

  The structural copper bull case rests on electrification, grids, data centres and long-term supply constraints. Positioning reached the 100th percentile for six months, and a month ago net positioning hit a 10-year high. Since then positioning has been fading, and copper has failed to break out over the last three or four months. It is now at a one-month low, near key support since July. A decisive break of that line would reverse the trend, and the crowded positioning could force a sharp liquidity washout. Ceresna explicitly does not guarantee that outcome.

  “And now we find ourselves in a situation where copper is breaking down. We're now at a one month low and approaching a key support line that's been the low since July.”at 1:36:41

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• Damian Sassower · Bloomberg Intelligence

  Copper supply is falling off a cliff; copper prices will rise into Q1 2027.

  There is not much copper production, and copper supply is really falling off a cliff. Sassower expects this to be a real Q1 2027 story, with the LME copper inventory already at 14,000-plus tonnes as a backdrop. He says copper is going higher and that is what he is pricing into his models.

  “copper supply really falling off a cliff. And this is going be a real Q1 twenty seven story in my opinion... It's going higher in my opinion and that's what I'm pricing into my models.”at 28:42

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• Damian Sassower · Bloomberg Intelligence

  Aluminium is falling on Indonesian supply; prices could break below 3,000.

  Aluminium is moving the other way from copper, creating a wedge in base metals. Indonesia is a huge smelter and copper and aluminium producer, and its incremental supply is what is driving the aluminium price down. Technicals look poor, so the price might break below 3,000.

  “it's going in the other direction. [I] know it might break below 3,000, the technicals don't look good. And so Indonesia is obviously a huge smelter.”at 28:59

  Bloomberg Surveillance: Sticky Inflation is Testing the Fed; Midterm Election Countdown · October 21, 2026

• Jeff Snider · Atlas Financial

  Copper's price is distorted by AI investment, tariff arbitrage, stockpiling and supply restrictions.

  Snider argues copper is increasingly distorted by AI infrastructure spending, tariff threats, stockpiling and supply restrictions, so its price says less about the broad economy. He says copper may show where capital is concentrated, with AI infrastructure, tariff arbitrage, inventory movements and restricted supply supporting it. He contrasts this with iron, which he treats as a broader gauge of physical activity.

  “But copper is increasingly distorted by those AI investments, some tariff threats, stockpiling, and supply restrictions.”at 0:11

  Eurodollar University: Iron Is Warning Us About What's Coming in 2027 · October 11, 2026

• Jeff Snider · Atlas Financial

  Iron ore near a four-year low signals weakening physical demand, not just supply problems.

  Iron ore has fallen to about $91 per ton, roughly a four-year low, with Chinese port inventories near 166 million tons. Supply from Australia, Brazil and Guinea is a factor, but the bigger point is demand. Iron is consumed by construction, machinery, vehicles, appliances and infrastructure, which depend on business confidence, household income and credit. AI data centers add some steel demand but not enough to offset weak housing, manufacturing and traditional infrastructure. Snider reads the iron weakness as a warning about the economy we have and the one likely to arrive in 2027, and as inconsistent with the reflation claimed in American survey data.

  “It's consumed when businesses are confident enough to build, and when ordinary households can afford homes and durable goods. Right now, iron is warning that demand for these things is weakening.”at 1:00

  Eurodollar University: Iron Is Warning Us About What's Coming in 2027 · October 11, 2026