Experts at Crescat believe that copper could become one of the hottest macro themes in 2026.

The setup is driven by a combination of structural supply constraints, declining ore grades, and rising demand from electrification, AI data centers, EVs, and energy transition projects. Any disruptions in Chilean output — due to water shortages, labor issues, or regulatory pressure — could further tighten the global market and push prices higher.

In this context, copper is increasingly viewed not just as an industrial metal, but as a strategic macro asset for the next cycle.

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