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While gold often dominates commodity conversations, copper quietly surged to record highs in 2026, recently topping US$6 per pound as supply constraints and structural demand keep the market tight.
Long-term drivers remain firmly in place: electrification, electric vehicles, charging infrastructure, AI data centres and ongoing global infrastructure upgrades. With global stockpiles relatively low and supply disruptions persisting, pricing has remained sensitive to shifts in demand.
Our CIO, Adam Havryliv, recently shared his perspective with Investor Strategy News:
“Aside from gold and silver, copper was trending to multi-year highs on intensifying supply concerns and robust Chinese demand following stimulus measures.”
As Adam notes, China, who accounts for roughly 60% of global copper consumption, continues to play a pivotal role, particularly as stimulus measures support industrial activity.
The broader theme is clear: while headlines often focus on gold or oil, underlying structural shifts in energy transition, technology and industrial demand are reshaping commodity markets more broadly.
For systematic and trend-following strategies, the opportunity lies not in predicting which commodity will lead next, but in identifying and positioning with those already gaining momentum.