Copper has been one of the standout commodities through 2025/26, rallying to record highs early in this year before pulling back on Iran-related economic uncertainty, with prices stabilising around $US13,000/MT—only modestly below pre-conflict levels. The longer term, structural story remains firmly intact with rising demand from AI infrastructure, defence spending and the energy transition continuing to build, with supply struggling to keep pace. For ASX investors, exposure has become limited over the years with heavyweight BHP one practical way to play the theme as can be seen by the strong correlation below.
- We remain bullish towards copper over the coming years as global electrification and AI demands increase.
MM remains bullish towards copper ~$US13,000/MT
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