Copper The Next Silver? Industrial Metal Poised For Massive Price Surge In 2026—Here's Why

After a record-breaking rally by precious metals this year, copper is seen as the next big big bet by commodity traders for 2026. The widely-used industrial metal, has gained 3.2% last week and is up more than 35% in 2025. Market analysts are comparing copper with silver after the white metal's rally far outperformed gold's historic bull run in 2025.

Silver has rallied 138% so far this year. Notably, bullion has surged more than 68% this year in its biggest annual rise since 1979, fuelled by strong global central bank buying, safe-haven flows, and lower interest rates.

Rakesh Bansal, founder of RKB Ventures believes that supply constraints and demand from AI, electrification, EVs and the energy transition could push copper into what he calls a fresh multi-year run. Copper is used in power, construction, manufacturing and for other industrial purposes.

"COPPER is the NEW KING that's about to EXPLODE! Supply shortages + AI data centres + EVs + green energy boom = Copper prices set to rally beyond imagination. Now it's Copper's turn to make millionaires," wrote Bansal on microblogging platform 'X' (formerly Twitter).

According to analysts who were quoted in a report by Reuters, the price swings in base metals are becoming increasingly exaggerated with thin liquidity, leaving the complex vulnerable to abrupt moves into year-end.

Copper remains on track for its most annual growth since 2009 after several mine disruptions, outflows to stocks in the US and expectations of future soaring demand from AI data centres and energy transition.

Global brokerage Goldman Sachs has forecast the price of copper to consolidate in 2026 and average $11,400 per metric ton under its base case that uncertainty over tariffs will linger until a possible announcement in mid-2026 that the US will implement tariffs on refined copper in 2027.

The investment bank expects the preferred industrial metal to outperform aluminium in 2026 as China's overseas push for critical metals boosts aluminium production. The benchmark three-month copper on the London Metal Exchange last hit a record high of $11,952 earlier this month.

"Despite the rally in copper prices and our expected consolidation in 2026, it remains our 'favorite' industrial metal, especially in the long-run. Electrification, which drives nearly half of copper demand, implies a structurally strong demand growth and copper mine supply faces unique constraints," Goldman Sachs said, reiterating its $15,000 a ton forecast for 2035.