AXMIN Inc (TSXV: AXM)
AXMIN Inc. (TSXV:AXM) is a Canadian-based exploration and development company with a strong focus on central and West Africa.
On Friday, March 14th (local time), the price of spot gold soared to a historic high, reaching $3,004.86 per ounce, marking a 14% increase since the beginning of 2025. Additionally, risk-averse investors have been increasingly channeling funds into gold exchange-traded funds (ETFs), injecting fresh momentum into the record-breaking surge of the gold market.
Despite gold hitting an all-time high this year, the rise in copper prices has been even more dazzling. In 2025, copper prices surged over 20%, nearing $4.90 per pound, far outpacing gold’s 13% gain during the same period. The rapid ascent of copper prices this year is more likely tied to the trade policies of the Trump administration rather than a genuine economic recovery.
Last month, the White House announced an investigation into copper imports and hinted at possible trade protection measures to safeguard domestic industries. Subsequently, Trump stated during a joint session of Congress this month that he plans to impose a 25% tariff on goods such as copper, aluminum, steel, and lumber.
This news triggered a chain reaction in the global copper market. Exchanges in China, London, and the United States increased their inventories in anticipation of potential tariff policies.
Although copper prices have shown strong performance in the short term, market opinions on the future trajectory of copper prices are divided. Ned Davis Research maintains a neutral stance on copper prices, citing the ongoing risk of a global economic slowdown, which keeps the market outlook uncertain. Commodity strategists at Citigroup also express caution regarding the sustained rise in copper prices. They predict that due to a temporary increase in U.S. import demand for copper and limited supply in the short term, copper prices may experience a slight further increase. However, as U.S. import demand gradually declines and broader tariff policies impact market sentiment, copper prices could see a pullback in the latter half of the year.
On the other hand, Ryan McKay, a senior commodity strategist at TD Securities, believes that the bull market for copper could last longer. The uncertainty surrounding tariffs may stimulate additional buying, and copper prices might remain unaffected by the current macro market’s risk-off sentiment.
Nevertheless, despite the surge in copper prices, copper mining stocks have lagged in performance. For instance, Freeport-McMoRan Inc. (FCX) has only risen by 2% year-to-date, while Southern Copper Corporation (SCCO) has increased by 6%. This suggests that even if copper prices retreat, there may still be room for these mining stocks to climb.
