Deutsche Bank: Copper Could Jump Over 50% in Six Months on Supply Crunch

This is a notable escalation in the copper narrative: a major bank's metals research head framing tightness as an "unprecedented scramble," not a cyclical squeeze. The tariff-driven relocation of metal to the US is the key mechanism — it exports scarcity to other jurisdictions, which explains why regional premiums and inventories, not just the headline price, are where the stress shows. The open question is whether that stockpiling is a one-off policy response or a durable shift in how buyers secure supply.