copper

銀と銅：新しい経済サイクルにおける強気の見通し
銀と銅は現在の世界経済サイクルにおいて最も強力な金属の二つとして浮上しています。銀は貴金属としての役割と重要な産業資源としての役割の両方から恩恵を受け続けています。太陽エネルギー、電気自動車、電子機器、そしてグリーンテクノロジーからの需要が高まる中、銀の長期的なファンダメンタルズは短期的な価格変動にもかかわらず強気を維持しています。
銅は世界の電化の中心に立っています。再生可能エネルギープロジェクト、EVインフラ、データセンター、都市開発からの巨大な需要が供給を逼迫させています。新しい鉱山の限られた能力と増大する消費により、銅は今後10年で最も戦略的に重要な金属の一つとなっています。

GLOBAL COPPER MARKETS MOVE IN SYNC
Copper just sent a loud message to global markets.On Wednesday, copper prices surged to record highs, with three-month futures on the London Metal Exchange (LME) jumping 6.7% to $13,967 per metric ton. Investors are rotating aggressively into hard assets, driven by geopolitical uncertainty, a weakening U.S. dollar, and growing concerns around long-term currency debasement.
This rally isn’t random speculation.
It’s the result of structural demand colliding with a broken supply pipeline — a setup that could define commodity markets for years.
GLOBAL COPPER MARKETS MOVE IN SYNC
The surge wasn’t limited to London
Shanghai Futures Exchange (SHFE):
Copper jumped 6.35% to 108,740 yuan ($15,652) per metric ton, touching an intraday high of 109,570 yuan.
COMEX (U.S.):
Copper futures surged past the psychological $6 per pound level, climbing nearly 5% to $6.23.
Copper is now up 12% in 2026 alone, extending a powerful run across base metals as markets price in stronger U.S. growth and massive global investment in data centers, robotics, defense, and power infrastructure.
As Ole Hansen (Saxo Bank) put it:
STRUCTURAL DEMAND: COPPER IS EVERYWHERE THAT GROWTH IS
Copper isn’t rallying because of hype.

It’s rallying because modern economies cannot scale without it.
Key demand drivers include:
Electric Vehicles (EVs):

EVs use nearly 3× more copper than internal combustion vehicles.
Renewable Energy:
Solar, wind, and grid upgrades are copper-intensive.
AI & Data Centers:
JPMorgan estimates AI infrastructure alone will add 110,000 tons of copper demand by 2026.Defense Spending:
Electrified weapons systems, radar, and communications all rely on copper.
As analyst Nitish Kaushik summarized:
SUPPLY IS THE REAL PROBLEM — AND IT’S NOT FIXABLE QUICKLY
While demand accelerates, supply is structurally constrained.
Projected 2026 deficit: ~330,000 metric tons (J.P. Morgan)Global demand could surge 50% by 2040, reaching 42 million tons (S&P Global)Supply expected to peak at just 33 million tons by 2030Major supply disruptions include:Grasberg Mine (Indonesia):

A fatal mudslide in 2025 triggered force majeure. Full production isn’t expected until Q2 2026.Chile:

Output forecast at 5.61 million tons in 2026, limited by declining ore grades and aging mines (Cochilco).
The deeper issue?

New copper mines take ~18 years from discovery to production.
MINING GIANTS ARE RACING TO SECURE COPPER
This scarcity has triggered a consolidation wave.
Rio Tinto & Glencore are in preliminary merger discussions, potentially creating a $200 billion mining giant controlling nearly 10% of global copper supply.Rio Tinto alone has increased copper output 54% since 2019, driven by the Oyu Tolgoi project.
Bloomberg Intelligence now calls copper the:
Copper is expected to contribute over 35% of diversified miners’ earnings in 2026, up sharply from eight years ago.
WHERE PRICES COULD GO NEXT
Citigroup analysts believe copper could approach $15,000 per ton if:
Supply shortages persist
Inventories remain low
Infrastructure and AI spending accelerateAnd the long-term math is brutal:

FINAL TAKEAWAY
This copper rally is not a short-term trade.
It’s a structural repricing of a metal that sits at the heart of:
ElectrificationArtificial intelligenceEnergy transitionNational security#StrategyBTCPurchase #Copper #TokenizedSilverSurge #Gold $COW $COA $CC #WhoIsNextFedChair