SLV and CPER surge into 2026 as silver's supply squeeze and copper's structural demand ignite momentum. A dovish Fed and weaker dollar fuel the rally.
Copper prices in the US jumped to multi-month highs on Friday at to $11,540 per ton amid fears that import tariffs could soon extend to refined copper, adding to already tight global supply conditions. The metal's benchmark price on COMEX edged closer to record levels as traders rushed to secure shipments from London Metal Exchange (LME) warehouses, sparking concerns that inventories could be further depleted.
Cyprium Metals Ltd (ASX:CYM, OTC:CYPMD) earlier this week received final approval to restart the Nifty Copper Project in Western Australia. The approval came from the Department of Energy and Economic Diversification.
Copper analysts tend to get overexcited when a big mine stumbles. A landslide here, a flooded shaft there, and suddenly the world is supposedly running out of red metal.
Copper prices may look becalmed for now, but Citi thinks the metal is merely pausing for breath. Its latest Metal Matters note argues that the red metal could climb to $12,000 a tonne by the second quarter of 2026, even as near-term demand data remain underwhelming.
FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) earlier this week announced further high-grade copper-gold intercepts from its Green Bay project in Canada. The company said the latest drilling has confirmed a continuous high-grade core zone extending for 800.00 metres in strike length and remaining open at depth and along trend.
European Green Transition PLC (AIM: EGT) has struck an agreement granting a Cypriot mining company the exclusive right to acquire its copper project in northern Sweden, in line with the London-listed group's plan to refocus on revenue-generating green energy businesses. The company said it has granted Recovery Metals Cyprus (RMC) a six-month exclusive option to purchase the Pajala Copper Project, which includes two exploration licences, Liviövaara nr 101 and Lehtosölkä nr 101, in the Norrbotten region.
Cyprium Metals Ltd (ASX:CYM, OTC:CYPMF) earlier this week provided updates on the development of the Nifty Copper Complex and new board appointments. The company said it had appointed Jim Simpson and Amber Banfield as non-executive directors.
TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) earlier this week discussed new developments at the Los Azules copper project following the release of a feasibility study by McEwen Copper. The company told investors that the study confirmed Los Azules as a low-cost, long-life, and high-purity copper cathode producer.
London's metal traders might want to hold on to their hard hats. Citi has turned more bullish on both copper and tin, arguing that the market is starting to look beyond short-term demand worries and towards a tighter supply picture.
Copper is entering a pivotal phase as supply disruptions tighten the market and long-term demand from AI, electrification, and energy storage accelerates, supporting a bullish outlook despite short-term volatility.
Copper miners are enjoying their moment in the sun. RBC notes that copper stocks jumped 6.4% last week, outpacing the metal itself, as supply disruptions at Freeport-McMoRan's giant Grasberg mine in Indonesia cut into global output.