Copper Soars to Record $6.95 High as Gold Lags Behind

Copper futures have hit an all-time high of $6.95 per pound on September 22, marking a significant milestone in its strong 2026 performance.

The industrial metal has gained nearly 20% this year and over 46% in the past year, outpacing gold which is up just 0.02% in 2026.

Tight inventories and AI-related demand are putting pressure on supply, with Shanghai copper cathode stocks falling to their lowest level since 2023 at 43,900 tonnes.

A pending U.S. tariff decision also remains a key factor in the market, having briefly pushed copper down almost 8% earlier in September before it recovered and returned to record territory.