Is copper a new gold? Experts unveil this strategy to make money

Copper prices have broken multiple records in 2026, with Comex copper registering record highs and LME copper prices touching a record $14,737 a tonne in September. The surge is driven by a surge in US shipments ahead of a potential decision on import tariffs and tightening supplies elsewhere. Inventories in Comex warehouses have climbed to a record 696,259 tonnes, amid fears that the US could announce tariffs on refined copper imports. Strong structural demand has kept copper in focus, with the metal being crucial to the global energy transition. However, meeting this demand has become increasingly challenging as supply from major mining regions comes under pressure. A series of accidents and disruptions at some of the world's largest copper mines in Africa have strained supplies, adding further support to prices. The White House is weighing concerns that higher prices could raise manufacturing costs against the potential benefits of encouraging more domestic mining. Copper prices have also received an additional lift from a slump in the US dollar, making the metal less expensive for holders of other currencies. Experts say that the market is driven more by positioning than genuine demand shifts, with prices likely to stabilise once the market resets its tariff expectations.