Copper at Record Highs
The Price Discovery Phase Begins
Copper officially closed at record weekly prices today.
This increasingly looks like the beginning of a true price-discovery phase for the metal.
It reminds me of gold once it finally cleared the $2,000/oz level and the market began adjusting to a completely different pricing regime.
Copper remains one of the most compelling supply-demand disconnects anywhere in markets today.
The metal sits at the center of nearly every major industrial expansion underway globally, including power infrastructure, manufacturing growth, grid upgrades, and broader reindustrialization efforts.
The world needs substantially more copper to support these ambitions.
The issue is that mine supply is not growing fast enough to meet that reality.
Let me walk you through a few of the copper valuation frameworks and macro charts I find most compelling today, along with some specific investment ideas tied to the theme. I think you’ll find the setup very interesting.
