Copper shortage or surplus? Banks split on 2027 outlook

AI desk brief

Deutsche Bank’s Daniel Ghali expects gold to benefit from persistent structural demand, including central-bank and other official-institution purchases, despite higher interest rates weighing on investment sentiment. His outlook distinguishes gold from the industrial-demand and inventory-accessibility risks dominating the article’s copper debate. Deutsche Bank forecasts copper could reach $10 a pound by mid-2027, while Goldman Sachs flags downside risks from positioning and potentially weaker US stockpiling. Ghali identifies recession as the main threat to his copper forecast; that industrial-metal scenario does not establish a corresponding direction for bullion.