Copper has surged past $11,000 per ton for the first time since May 2024. The red metal is up around 21% year-to-date in a rally driven by more than just long-term demand. It is a combination of regulatory pressure, political instability, and a narrow supply base.
The world's biggest producers are stumbling, and environmental disputes freeze some of the best mines and projects. ESG regulations are locking up millions of tons of untapped supply. Unlike gold's de-dollarization breakout, copper gains are rooted in structural imbalance.
