基础金属-铜：至关重要且供应受限，10000 美元成新价格底线-Base Metals Analyst_ Copper_ Critical and Supply Constrained_ $10,000 Is the New Price Floor

6 October 2025 | 3:57PM SGT Commodities Research BASE METALS ANALYST Copper: Critical and Supply Constrained: $10,000 Is the New Price Floor as a national security priority, due to its critical role in AI, defense and energy security. However, we also forecast accelerated copper to aluminium substitution in cyclical sectors, which slows copper demand growth and keeps the market in small surplus. This substitution contributes to copper pricing into a higher range, rather than an open-ended rally. Daan Struyv ...