Copper futures hit a record $6.95 per pound on September 22, closing at $6.92. The metal has gained nearly 20% in 2026 and more than 46% over the past year, outperforming gold and silver. Michael Burry justified his bet on Ero Copper, a Brazil-focused copper and gold producer, citing data showing major copper discoveries have dropped from double digits per year to just one or two, with none in 2025, while new deposits need roughly 18 years to reach production. S&P Global forecasts demand will rise 50% to 42 million tonnes by 2040, with a potential 10-million-tonne shortfall.
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