Copper Enters 2026 Near Record Highs on Green Energy Demand

Supply Deficit Deepens

Disruptions at major mines in Latin America and Africa have tightened the concentrate market, forcing smelter treatment charges to near-zero levels. This physical scarcity is expected to persist throughout 2026.

Strategic Stockpiling

Governments and major industrial players are increasingly treating copper as a strategic asset. Stockpiling efforts in the US and China are removing available inventory from exchanges, supporting the long-term bullish thesis.