Is Copper’s Bullish Trend Still Intact?

Core Viewpoint - The base metals sector, particularly copper, is experiencing significant price increases, with LME copper forwards and COMEX copper futures gaining over 41% in 2026, despite price volatility [1]. Price Performance - LME copper forwards closed 2025 at $12,423 per ton, while COMEX copper futures closed at $5.6820 per pound. By early February 2026, prices rose to over $12,900 per ton and above $5.80 per pound [2]. - LME copper three-month forwards reached a record high of $14,527.50 per metric ton in January 2026, marking a 16.9% increase from the 2025 closing price [3]. - COMEX copper futures hit a record high of $6.5830 per pound in late January 2026, which is 15.9% higher than the 2025 closing price [7]. - Despite recent price corrections, both LME and COMEX copper have maintained their bullish trends, with prices remaining above critical technical support levels [8]. Demand Drivers - Copper is recognized as a leading base metal essential for infrastructure construction. The demand for copper is being driven by technological advancements in green energy and AI infrastructure, which are increasing electrification requirements [9]. - Analysts from Goldman Sachs have referred to copper as "the new oil" due to the rising demand from green energy initiatives [9]. - In late 2025, JPMorgan analysts noted that copper's mine supply growth is essentially flat, contributing to its fundamental tightness, with prices already exceeding their 2026 forecast levels [10].