Date: January 16, 2026
Subject: Strategic Analysis of TCu29 Tokenisation and Global Copper Market Outlook
Prepared For: UKAP Investments Limited (For Public Release)
1. Asset Executive Summary: TCu29
TCu29 (Tempestas Copper) is a multi-chain Real World Asset (RWA) token that digitises physical copper reserves. Each token represents a 1:1 direct claim on one pound (1 lb) of industrial-grade copper, geologically verified primarily within the United States.
- Issuer: Tempestas Copper Inc.
- Backing: 1:1 physical backing with over 1.2 billion pounds of verified reserves.
- Transparency: Regular independent third-party audits with results recorded on-chain.
- Utility: Supports 24/7 digital trading, DeFi collateralization, and a dual redemption mechanism for physical delivery or secondary liquidity.
2. Strategic Institutional Holding: UKAP Investments Ltd
In a landmark move for the UK investment sector, UKAP Investments Limited has integrated TCu29 into its financial core, accepting the token as a valid payment method for its corporate bonds. This strategy utilises the “digital twin” of copper to hedge against inflationary pressures and secure a stake in a critical industrial resource.
- Current Holding: 18,760,000 TCu29 Tokens.
- Asset Value: With the current spot price of copper reaching $5.95/lb (as of Jan 16, 2026), the total valuation of UKAP’s TCu29 holding is:
Current Portfolio Value: $111,622,000
3. Exchange Ecosystem & Liquidity Outlook
The liquidity profile of TCu29 is rapidly expanding to meet institutional demand:
- Phemex (Current): TCu29 is actively listed and traded on Phemex. Recent 24-hour volumes have stabilized around $1.21 million, providing robust price discovery for holders.
- BitMart (Upcoming): Market intelligence indicates an imminent listing on BitMart. This expansion is expected to significantly increase retail participation and global accessibility.
- Kraken (Strategic Goal): The issuer has formally stated they are seeking admission to Kraken. A Tier-1 listing on Kraken would serve as a major institutional bridge, validating the asset’s regulatory standing and security framework.
4. Global Copper Market Forecast (2026–2031)
The copper market has entered a structural “Supercycle” driven by the simultaneous electrification of global grids and the massive infrastructure requirements of the Artificial Intelligence (AI) revolution.
Projected Price per Pound ($/lb)
| Forecast Period | Expected Price Range | Primary Market Catalyst |
| 12 Months (2026) | $5.20 – $6.25/lb | AI data centers & US refined copper tariffs. |
| 24 Months (2027) | $5.80 – $6.80/lb | EV market acceleration & Green energy transition. |
| 36 Months (2028) | $6.50 – $7.50/lb | Peak supply deficit; declining ore grades in major mines. |
| 60 Months (2031) | $9.00 – $11.50/lb | Long-term structural shortage (8M tonne global gap). |
Institutional Support & Commentary
- Goldman Sachs: Forecasts copper averaging $5.17/lb in 2026, viewing copper as “the new oil.” They project prices reaching $15,000/tonne (~$6.80/lb) by 2035 as demand from power infrastructure compounds.
- J.P. Morgan: Predicts a refined copper deficit of 330,000 tonnes in 2026, pushing prices to an average of $5.48/lb ($12,075/mt) for the year.
- Bank of America: Has sharply lifted forecasts to $5.13/lb (2026) and $6.12/lb (2027), identifying a “structural bull phase” with prices potentially peaking at $6.80/lb.
- Citi Research: Remains tactically bullish with an upside target of $6.35/lb ($14,000/mt) in the near term, citing “non-discretionary” demand from AI and defense.
5. Market References
- Goldman Sachs Research: Commodity Views 2026 Outlook: Ride the Power Race. (Dec 2025).
- J.P. Morgan Global Research: Copper prices could soar further amid a tightening market. (Nov 2025).
- Bank of America Securities: Lifting Copper Forecasts: Structural Bull Uptrend. (Sept 2025).
- Citi Research: Commodities Market Outlook: 4Q ’25 – Mind the Gap. (Jan 2026).
- Phemex Academy: What is TCu29? A Guide to Copper-Backed RWA Tokens. (Oct 2025).
- Mining.com: Copper Spot Market Data and Institutional Mining Analysis. (Jan 2026).
Disclaimer: This report is for informational purposes only and does not constitute financial advice. Commodity-backed tokens carry inherent risks related to the underlying physical market and digital asset volatility.