1. Total Metals Corp (TSXV:TT, FSE: O4N)
Total Metals Corp. is focused on advancing high-grade gold projects to production.
London copper prices approached record levels once again on Wednesday, with three-month futures on the London Metal Exchange (LME) closing at $11,556.50 per metric ton. This marks the second attempt this week to climb higher, after copper previously hit an all-time peak of $11,771 per ton. The market is seesawing between setting new records and facing pullbacks, highlighting intense battles between bullish and bearish forces.
The latest price surge is directly driven by renewed supply shortage alarms. On one hand, production disruptions at major global mines are frequent. On the other, long-term demand expectations—fueled by the green transition and AI infrastructure buildup—remain unshakable. However, the rally has not been smooth. As the world’s top consumer, China’s ongoing decline in producer prices recently sparked concerns over short-term demand, causing copper to retreat more than 1% from its peak. Macro uncertainties, such as U.S. interest rate policy, have also amplified short-term volatility.
Analysts point out that this “surge-pullback-resurgence” pattern stems from deep-seated structural contradictions in the copper market. Morgan Stanley forecasts a global copper supply deficit of up to 590,000 metric tons by 2026. RBC Capital Markets also emphasizes that the mining sector cannot quickly bring new supply online, meaning sustained high prices are necessary to incentivize the required investment.
This implies that any short-term bearish news triggering a price dip may quickly attract buying support due to solid long-term fundamentals. Conversely, each record-breaking rally could face profit-taking and immediate reactions to economic data. Such high-level volatility is likely to become a defining feature of the copper market in the coming period.
Market fund flows confirm this trend. Unlike silver, which is more influenced by financial sentiment, copper’s rally is fundamentally tied to physical supply and demand. Still, investors are actively positioning through financial products. The United States Copper Index Fund (CPER) has risen about 32% year-to-date, reflecting bets on copper’s long-term prospects. Even amid fluctuations, copper has shown much stronger price resilience than many traditional assets.
Currently, copper is trading between Morgan Stanley’s 2026 base-case forecast of $10,650 per ton and its bull-case scenario of $12,780. This pricing already embeds market expectations for elevated levels. As the electrification megatrend continues unabated, each swing in copper prices may represent another step in defining its new normal.
