Apart from gold and silver, a new metal has now joined the race, with the supply squeeze dynamics hitting it hard and fast. Copper prices are now on the verge of hitting their highest in years as experts anticipate demand and scarcity dynamics to hover over copper in 2026.
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Copper Price Overhaul: What’s Happening
As per the latest post by the Kobeissi letter, the copper price is now inching towards an all-time high, driven by extensive stockpiling and hoarding. The asset is expected to lead the commercial domains, and its scarcity is now impacting enterprises in a way, compelling them to hoard the asset for now. Experts are now projecting a shortage of copper for 2026, which can further spike its price to unprecedented highs.
“Copper prices are surging. Copper prices in London hit a record $11,620 per ton on Friday. Prices have risen over 30% this year as investors anticipate a shortage driven by aggressive US stockpiling ahead of potential import tariffs next year.”
Per KL, copper inventories have now surged by 656000 tonnes, the highest since 2018, signalling the change. The post added that copper is now on track to face a deficit next year.
“Inventories at global exchanges have surged to 656,000 tons, the highest since 2018. 60% of those inventories are now stored in US Comex warehouses. As a result, the copper market is expected to shift into a structural deficit next year. Copper prices are heading higher.”
2026: A Year Of Metals Dominating The Space?
Copper prices are surging rapidly, raising the possibility that 2026 could become a breakout year for metals. Gold and silver are also gearing up to shatter multiple records, with analysts expecting both to hit new all-time highs next year.
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