Analysts lift 2027 copper price forecast, flag US stocks and AI demand caution

The upward revision sits awkwardly beside a projected surplus that only narrows modestly, suggesting analysts are pricing structural tightness rather than near-term scarcity. The flagged caution on US inventories and AI-driven demand cuts both ways: AI has become the bullish narrative for copper, so any softness in that demand story would undercut the very thesis lifting forecasts. Aluminium's declining path into 2027 points to a diverging outlook across the base metals complex rather than a uniform reflation. Whether the surplus keeps shrinking as projected, and whether US stockpiles stay a watchpoint, are the open questions.