Copper has outpaced gold in 2026 after futures reached a record $6.95 a pound, while tight inventories and AI-related demand kept pressure on supply.
Key Points:
- Copper futures hit a record $6.95 a pound on Sep. 22 after a strong 2026 advance.
- Copper has gained nearly 20% this year and more than 46% over the past year, while gold is up just 0.02% in 2026.
- Tight inventories, AI data center demand and a pending U.S. tariff decision remain key forces for the market.
Copper Record
Copper futures touched $6.95 a pound on Sep. 22, setting a fresh record for the industrial metal. Copper has gained nearly 20% in 2026 and more than 46% over the past year, while gold is up just 0.02% this year. Gold's year has been far more volatile.
Gold surged above $5,600 an ounce in late January on safe-haven demand before dropping within days and spending much of the year recovering toward flat. Copper has moved on different forces.
Shanghai copper cathode stocks fell to 43,900 tonnes, their lowest level since 2023, while London Metal Exchange inventories available to the market declined to 133,725 tonnes. A stalled U.S. tariff plan briefly pushed copper down almost 8% earlier in September, but the metal recovered and returned to record territory.
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Burry’s AI View
CNN has pointed to the same pressures. Investor Michael Burry highlighted the supply gap, noting that new copper deposits take about 18 years to reach production while AI data centers can add demand within two to three years. The timing is important.
Copper still differs sharply from gold because central banks hold gold as a reserve asset, and the global stock of gold is worth close to $30 trillion. Washington is another wildcard. A long-delayed Commerce Department ruling on tariffs for refined copper imports remains pending, giving traders another potential source of sharp price moves.
September has already shown that volatility. Copper erased an almost 8% pullback from earlier in the month before climbing back to fresh records, extending a 2026 rally built on scarce inventories and faster-growing industrial demand.
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