Copper ($US/MT)

Last week copper surged against the backdrop of supply shortfalls and bullish price predictions. Traders have been ramping up shipments to the US in recent weeks to once again capitalize on a big premium for metal on the US Comex Exchange, fuelled by ongoing uncertainty about the potential for future tariffs. Copper has found further support in rising expectations of further monetary easing by the Fed, which could propel growth and demand in the world’s biggest economy. The market appears to be looking for a new level of equilibrium on the upside.

• We can see copper extending its recent gains into 2026.