Copper has rallied 15.8% year-to-date and more than 30% over the past 12 months, outperforming gold futures which have slipped 4.11% in 2025. This performance is driven by growing demand from artificial intelligence, power-grid investments and defense spending, creating what investors describe as inelastic demand for the industrial metal. U.S. tariffs on refined copper, recommended at 15% starting January 1, 2027, combined with exceptionally low Chinese inventories are supporting prices. According to Iain Pyle of Aberdeen Investments, copper fundamentals remain clearly bullish and the metal represents the clearest example of a market where supply cannot keep up with demand.
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