Copper, crucial for wiring, plumbing, and industrial machinery, is surging to the upside, approaching highs last seen since mid-2022. Tight supplies from copper mines and looming risks of a worsening global deficit are sounding the alarm bells at some Wall Street research desks, including the ones at Goldman's Nicholas Snowdon. He has upgraded his year-end target on the base metal. 

"The copper market's path into scarcity has gathered momentum so far this year, with the concentrate segment - which sits just before the metal market - moving into extreme tightness," Snowdon wrote in a note to clients.