Tariff Easing Boosts Metal Demand, Copper Prices Poised for Surge: Nirmal Bang

• Nirmal Bang's Kunal Shah notes tariff adjustments improve outlook for commodity-consuming economies, especially China, leading to stronger demand expectations.
• Massive restocking across the metals market is supporting industrial commodity prices due to improved demand visibility.
• Emerging tech trends like EVs, renewable energy, and AI data centers are major demand drivers for copper, potentially increasing consumption by 3-3.5 million tonnes in three years.
• Shah revises long-term copper price target to $16,500–$17,000 per tonne, citing bullish fundamentals with concentrated supply and rising demand.
• Aluminium prices could reach $3,000 per tonne base, with potential upside to $3,400–$3,500 due to tightening supply; silver needs new industrial demand triggers for a sustained rally.