Copper’s best years may lie ahead

InvestorDaily

Copper prices reached a record high in August, topping US$14,000 a tonne despite a year marked by trade policy uncertainty and conflict in the Middle East. Such levels would have seemed improbable only a few years ago, when the metal spent much of the previous decade trading between US$5,000 and US$8,000 a tonne. Far from signalling the end of the rally, it could mark the beginning of a prolonged bull market as a structurally constrained supply base collides with decades of demand growth from electrification and decarbonisation.

Copper has rallied around 17% year-to-date in 2026, extending a three-year upward trend. While geopolitical events have fuelled short-term volatility, the longer-term story is a growing mismatch between supply and demand. Miners are contending with declining ore grades and struggling to pump out supply fast enough, just as electrification and decarbonisation accelerate copper consumption. That physical shortage is driving copper spot prices up, which is very good news for copper miners who are reaping strong earnings growth.

The rest of this article can be found at investordaily.com.au.