Whalesbook
Kunal Shah, VP and Head of Commodities Research at Nirmal Bang Securities, is highly optimistic about copper and zinc prices. He anticipates significant demand growth for copper by 2026, driven by data centers and AI infrastructure, projecting prices to rise from $10,000 to $12,500-$13,000 per tonne. For zinc, he expects another 15-20% upside due to shrinking supply and falling LME inventories, despite recent profit-taking influenced by Chinese data and rising Japanese bond yields. Shah notes supportive macro factors like the US Federal Reserve ending quantitative tightening and expected rate cuts will bolster metal prices.