Craig Parry argues copper is in a structural supply crunch and could reach $20–$30/lb over the next few years, driven by mine depletion, permitting delays, and rising demand from AI/data centers and electrification. He uses Vizsla Copper’s Palmer project and other holdings to illustrate the kind of high-grade assets he thinks the market is still underpricing, while also discussing Skeena Gold & Silver’s development progress and the resource-sector rotation he believes is underway.
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This interview is centered on Craig Parry’s bullish thesis on copper, with side discussion of silver, gold, Skeena Gold & Silver, and Vizsla Copper’s project pipeline. Parry says copper has already moved from around $4/lb to the mid-$6s because of supply losses from aging mines, disruptions at major operations, and geopolitical/policy shocks such as Panama. He argues the market has not fully appreciated the next leg of the squeeze, citing tighter processing conditions, sulfur-related issues, permitting delays in places like British Columbia, and a lack of exploration and capital investment. His core claim is that even with rising prices, supply cannot respond quickly enough, so he still expects copper to eventually trade at $20–$30/lb. The conversation then shifts to capital markets and asset-level positioning. …
Tactically, copper remains momentum-supported and could stay bid if tight supply headlines continue; junior copper names with visible drilling catalysts may outperform if news flow is positive. The main short-term risk is that the equity response remains lagged or volatile despite the metal’s strength.
Over the next few months, the base case is continued upward pressure on copper as mine disruptions, slow permitting, and limited new supply keep the market tight. The setup improves if drill results, assay releases, and development progress confirm that quality projects are still scarce and financing remains available.
Structurally, the interview argues copper has entered a multi-year scarcity regime where electrification and data-center demand collide with an unable-to-scale supply system. If that regime persists, the long-run winners are high-grade, lower-footprint deposits and the companies that can advance them through permitting and construction.
Copper could eventually trade at $20–$30 per pound.
Parry repeatedly reaffirms this long-standing forecast as his base view.
Aging mines, outages, and project shutdowns have already removed about 5% of global copper supply.
He links price strength to mine disruptions such as Grasberg, Cobre Panama, and others.
Copper demand could rise by about 30% over the next seven years.
He cites expected demand growth as another leg of the supply-demand imbalance.
What's your read on the commodities markets right now? What's going through your head given how much prices have moved up?
Craig is extremely bullish on copper, still targeting $20-30 per pound. He notes that despite geopolitical turmoil and near-recession conditions, copper held near all-time highs, signaling extreme tightness. He points to the closure of the Strait of Hormuz disrupting sulfur/sulfuric acid supply essential for copper processing, aging mines like Grasberg running into production challenges, and the removal of ~5% of global supply (Cobre Panama, etc.) driving the price from $4 to ~$6. He sees 30% extra demand coming over 7 years with no supply response possible due to years of underinvestment in exploration and lengthening permitting timelines (e.g., staking to boots-on-the-ground in BC went from one week to one year).
What are we looking at in that piece of core you showed? Explain to me what that rock is.
Craig shows a core sample from their Palmer project — 44 meters at 8.2% copper equivalent. He advises viewers to invest in companies pulling core like that out of the ground, as copper prices go parabolic and equities remain cheap.
What does the rock sample show, and how high is the copper grade?
The guest says the piece is core from drill hole CMR 23172 on the Palmer project. He explains that the box contains 44 meters at 8.2% copper equivalent, with the actual rock around 11% copper in that piece, describing it as high-grade VMS-style mineralization.
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