Copper Hits Record Highs, Outperforming Gold in 2026

Copper futures reached a record $6.95 per pound on September 22, marking a nearly 20% gain this year and a 46% increase over the past 12 months. While gold has remained largely flat, copper's rally is driven by supply constraints, including low warehouse stocks in Shanghai and the London Metal Exchange, alongside rising demand from AI data centers. Investors are increasingly viewing copper as a scarce commodity, though it remains distinct from gold's role as a central bank reserve asset.