Michael Fox interviews Carlos Sanchez of CPM Group on the 10-year copper outlook, breaking down why prices may climb through November before facing short-term pullbacks from geopolitical risks like US-Iran tensions and tariff uncertainty. The discussion explores a widening copper supply deficit driven by mine disruptions in Chile and Indonesia, stockpiling, and refining bottlenecks, alongside the growing impact of global trade policies and China’s dominance in processing. Carlos highlights how future demand growth is expected to come from construction, energy infrastructure, and emerging economies like India, with a stronger long-term bull case forming around 2027–2028. He also explains why tariffs, supply chain imbalances, and geopolitical volatility could create near-term price swings, while emphasizing copper as a strategic long-term investment tied to global electrification and economic recovery.