After months of a seemingly endless rally into new all-time highs, the price of gold has finally cracked in 2026, leaving opportunities for less flashy metals like copper to swoop in. Copper futures are up more than 8% year to date (YTD) against a 7% drop in the price of gold over the same period. Part of the explanation is that copper demand continues to surge because of its importance in AI infrastructure, defense applications, and other areas.
At the same time, mine supply has struggled to keep up with demand growth. This puts a strain on global copper availability, exacerbated by permitting, processing and geopolitical factors. As many of the world's largest copper mines become deeper and lower-grade, they also become more expensive and energy-intensive to operate. The result is that a handful of dominant copper producers—companies with massive resources and operational infrastructure capable of continued expansion—could emerge as essential winners.
