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BRENT CRUDE$82.45+1.2%WTI CRUDE$78.14+1.5%GOLD SPOT$2,342.10+0.4%SILVER$28.15-0.1%COPPER HG$4.52-0.2%URANIUM U3O8$92.00+2.8%LITHIUM CARB$13,400-4.1%WHEAT ZW$562.25+0.1%NATURAL GAS$2.85+3.2%ALUMINUM$2,340+0.6%NICKEL$17,200-1.8%COCOA$7,850+5.4%BRENT CRUDE$82.45+1.2%WTI CRUDE$78.14+1.5%GOLD SPOT$2,342.10+0.4%SILVER$28.15-0.1%COPPER HG$4.52-0.2%URANIUM U3O8$92.00+2.8%LITHIUM CARB$13,400-4.1%WHEAT ZW$562.25+0.1%NATURAL GAS$2.85+3.2%ALUMINUM$2,340+0.6%NICKEL$17,200-1.8%COCOA$7,850+5.4%
Intelligence Engine
Industrial Metals · HG · USD / lb

Copper HG

Copper is the cleanest expression of energy transition CapEx. The market is at a structural inflection: declining ore grades, multi-decade project lead times, and a doubling of demand by 2035 create a setup where supply cannot mathematically respond in time.

Spot
$4.52
Δ 24h
-0.2%
Realized Vol
18.4%
Cycle Phase
Accumulation
Price Timeline · 10Y

Interactive History

Hover · Click events
20152016201720182019202020212022202320242025
Annotated Macro Events
2020Stimulus ReflationGlobal infrastructure stimulus + supply disruption drives breakout above $4.
2022Cobre Panama ShutdownFirst Quantum mine closure removes 1.5% of global supply.
2024Smelter Margin CollapseTC/RCs at multi-year lows signal concentrate shortage.
Cycle Phase Breakdown

Where Copper HG Sits in Its Supercycle

45%
25%
20%

Accumulation

45%

Current — China property drag masks underlying structural setup.

Early Bull

25%

Electrification demand recognition.

Expansion

20%

Supply response failure becomes visible.

Peak Euphoria

10%

Incentive pricing for greenfield projects.

Supply & Demand
  • Mine Supply Growth+1.2% CAGR
  • Demand Growth+3.4% CAGR
  • LME Inventory112 kt
  • TC/RC Treatment Charges$11/dmt
Cross-Asset Correlation
  • China PMI
    0.68
  • DXY
    -0.55
  • Global Equities
    0.51
  • Iron Ore
    0.42
Exposure Vehicles
  • COPX
    Global X Copper Miners ETF
  • CPER
    United States Copper Index Fund
View Full Tracker →
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