Copper Hits Record High After Burry Endorsement

Copper futures reached a record high of $6.95 per pound on September 22, closing at $6.92. This surge followed Michael Burry's endorsement of Ero Copper, a Brazilian copper-and-gold producer, as his indirect AI bet.

The rally has been driven by Chinese buyers stockpiling copper ahead of the holidays, accelerating since mid-September. Copper has gained nearly 20% in 2026 and over 46% in the past year, outperforming gold and silver.

Burry's pick is based on data from Apollo chief economist Torsten Slok, who noted that major copper discoveries have decreased significantly, with none in 2025. New deposits take approximately 18 years to reach production, while data centers add copper demand within two to three years.