Gold was on an historic run last year, and silver skyrocketed 210%, but now it looks like copper — which surged 35% in 2025 and hit $11,771 per metric tonne — is the next metal to watch.
It’s a classic case of supply and demand. Analysts predict a shortfall of 150,000 tons in the global supply of copper in 2025 (1).
Meanwhile, demand for copper — used in power grids and everything from computers to light switches and washing machines — is insatiable.
Mining megalith BHP predicts that the growth of data centers globally will multiply the demand for copper sixfold between now and 2050. Developing economies will add to that demand as their living standards improve (2).
Reuters reports that the world’s first physically backed ETF for copper, launched by Canada’s Sprott Asset Management in 2024, climbed almost 46% in price in 2025 (3). This tracks gold’s performance, with values climbing more than 60% in 2025.
So what’s next for this metal for 2026, and how should average investors respond to this latest market trend?
In the U.S., people have begun stockpiling copper, fearing it may be subject to tariffs by mid-2026.
That’s compounding supply challenges and driving up the price.
Analysts track copper as an economic indicator, as it reflects investor sentiment on the U.S. market’s performance.
Gold had an historic year in 2025 precisely because investors were afraid of what tariffs, global tensions and other rocky economic conditions might do to the stock market.
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“Gold has hit fresh record highs on its glittering run upwards,” Susannah Streeter, chief investment strategist at Wealth Club, told the BBC in January (4).
“The precious metal is holding even more allure as a safe haven as worries spread about the repercussions of the U.S. aggressive trade and geopolitical policies.”
Copper, like silver and gold, is increasingly seen as a safe-haven asset.
In an interview with Reuters, Benchmark Mineral Intelligence analyst Daan de Jonge suggested that investors interested in AI consider investing in copper-related ETFs.
