Date: 16 January 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 collateralisation, 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.
- The Group held a substantial TCu29 position at the date of this report.
- Asset value: with the spot price of copper at $5.95/lb (as at 16 January 2026), the total valuation of the holding was $111,622,000.
Note: the Group has since undertaken a staged divestment of its copper assets. The Group no longer publishes the size of its TCu29 holding; please refer to the published net asset value of UKAP Investments Limited.
3. Exchange Ecosystem & Liquidity Outlook
- Phemex (current): TCu29 is actively listed and traded on Phemex, with recent 24-hour volumes stabilising around $1.21 million, providing robust price discovery for holders.
- BitMart (upcoming): market intelligence indicates an imminent listing, expected to increase retail participation and global accessibility.
- Kraken (strategic goal): the issuer has formally stated it is seeking admission to Kraken. A Tier-1 listing 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 infrastructure requirements of the artificial intelligence build-out.
| Forecast period | Expected price range | Primary market catalyst |
|---|---|---|
| 12 months (2026) | $5.20 – $6.25/lb | AI data centres & 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 |
| 60 months (2031) | $9.00 – $11.50/lb | Long-term structural shortage (8M tonne gap) |
Institutional support & commentary
- Goldman Sachs: forecasts copper averaging $5.17/lb in 2026, viewing copper as “the new oil”, and projects $15,000/tonne (~$6.80/lb) by 2035.
- J.P. Morgan: predicts a refined copper deficit of 330,000 tonnes in 2026, pushing prices to an average of $5.48/lb.
- Bank of America: lifted forecasts to $5.13/lb (2026) and $6.12/lb (2027), identifying a “structural bull phase”.
- Citi Research: tactically bullish with an upside target of $6.35/lb, citing “non-discretionary” demand from AI and defence.
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.