Copper futures in London closed near record highs to end the week, as desks at JPMorgan and Deutsche Bank have recently warned that dwindling global supplies of the industrial metal could produce another leg higher. Théa Ziegler, a member of UBS’ US equity advisory sales team, wrote in a note on Friday afternoon that “copper remains one of the highest-conviction commodity themes.” Ziegler said demand from electrification and data-center construction is expected to outpace supply growth and support high prices, as hopes for lower prices fade in a theme best described as scarcity. “Copper remains one of the highest-conviction commodity themes, with electrification, data-center buildouts and persistent supply constraints continuing to support a constructive long-term outlook. The key takeaway for investors is that supply growth is expected to lag demand growth for several years, underpinning elevated copper prices despite near-term uncertainty around tariffs and trade policy,” Ziegler said. Natalia Corfield, JPMorgan’s head of Latin America corporate credit research, noted new developments this week from South America and warned that a strike at Centinela, a major source …