According to the Guangfa Futures Research paper, looking ahead to 2026, we are optimistic that the bottom center of copper prices will continue to rise under a tight supply-side pattern. Demand expectations for emerging terminals under AI investment and traditional terminal demand expectations from a macro perspective anchor the direction of copper price operation. The US copper import tariff policy will disrupt copper prices in terms of trading pace. The power sector has the largest downstream demand for copper. The medium- to long-term demand prospects are steady, and China's investment growth rate is impressive, supporting downstream terminal consumption of copper. In emerging fields, copper for new energy vehicles, photovoltaics, and wind power is expected to slow down in 2026 after several years of rapid growth. The wave of AI investment is expected to become a new growth point for long-term copper demand, providing a marginal increase in downstream demand.

According to the Guangfa Futures Research paper, looking ahead to 2026, we are optimistic that the bottom center of copper prices will continue to rise under a tight supply-side pattern. Demand expectations for emerging terminals under AI investment and traditional terminal demand expectations from a macro perspective anchor the direction of copper price operation. The US copper import tariff policy will disrupt copper prices in terms of trading pace. The power sector has the largest downstream demand for copper. The medium- to long-term demand prospects are steady, and China's investment growth rate is impressive, supporting downstream terminal consumption of copper. In emerging fields, copper for new energy vehicles, photovoltaics, and wind power is expected to slow down in 2026 after several years of rapid growth. The wave of AI investment is expected to become a new growth point for long-term copper demand, providing a marginal increase in downstream demand.