Copper
Price Chart
At a Glance
Copper — often called "Dr. Copper" for its ability to predict economic cycles — is the most important industrial base metal. It is essential for electrical wiring, construction, electronics, and renewable energy infrastructure. The energy transition is a structural demand driver: EVs use 3-4x more copper than ICE vehicles, and solar/wind installations are copper-intensive. Chile and Peru account for ~40% of mine supply.
Supply & Demand
Supply
Demand
Key Drivers
China Demand
neutralChina consumes ~55% of global copper. Property construction, infrastructure spending, and manufacturing all drive demand.
Energy Transition
bullishEVs, solar, wind, and grid upgrades are structurally increasing copper demand by ~1-2% annually.
Mine Supply Constraints
bullishDeclining ore grades, permitting delays, and political risk in Latin America are constraining new mine supply growth.
Global Manufacturing PMI
neutralCopper demand is tied to manufacturing activity. A PMI above 50 signals expansion and rising demand.
LME Inventories
bullishExchange warehouse stocks serve as a visible measure of physical availability. Low stocks signal tightness.
US Dollar
bearishCopper is priced in USD on global exchanges — dollar strength raises costs for non-US buyers.
Historical Returns
| Year | Annual Return | Performance |
|---|---|---|
| 2025 | +8.50% | |
| 2024 | +5.20% | |
| 2023 | +2.10% | |
| 2022 | -13.80% | |
| 2021 | +25.80% | |
| 2020 | +25.80% | |
| 2019 | +6.30% | |
| 2018 | -17.50% | |
| 2017 | +31.70% | |
| 2016 | +17.40% |