According to CNBC, copper has rallied 15.8% year-to-date and gained more than 30% over the past 12 months, while gold futures fell 4.11% year-to-date and 4.52% over the past 12 months. Spot gold was down 4% year-to-date and 4.89% over the past 12 months. Ivanhoe Electric CEO Taylor Melvin said copper could withstand recent volatility in technology stocks, citing demand from artificial intelligence infrastructure and national defense. He said technology companies’ data-center investment decisions are unlikely to turn on copper costs. Uncertainty over a possible U.S. tariff on refined copper has also supported the rally. In 2025, the Commerce Department recommended a 15% tariff starting Jan. 1, 2027, but no final decision has been publicly announced. Aberdeen Investments senior investment director Iain Pyle said a large share of global copper is being stored in the U.S. amid tariff uncertainty, while Chinese inventories are exceptionally low and premiums there are rising. Pyle said supply is struggling to keep pace with demand and that sustained higher prices would be needed to encourage supply.