Copper prices hit a new all-time high.

The copper concentrate treatment charge (TC) has plunged to a historic low of -US$201.56 per ton. Portside copper concentrate inventories have declined from 825,000 tons to 764,000 tons—a modest drop—but the tight supply of copper concentrate persists. Moreover, some smelters report that declining grades of copper concentrate fed into their furnaces are increasingly impacting output. On the recycled-copper front, domestic tax-invoice policies continue tightening, further exacerbating the shortage of invoiced recycled copper. Anode smelters—constrained by invoice requirements on both procurement and sales sides—are forced to purchase invoiced scrap copper at premium prices, driving up production costs, squeezing margins, and limiting output. Smelters’ raw-material dilemma—tight copper concentrate supplies coupled with scarce cold feed—has thus deepened. On the demand side, elevated copper prices exert some dampening effect on consumption, though this impact remains muted. Entering the second and third quarters, several smelters entered scheduled maintenance periods; meanwhile, downstream enterprises maintained relatively robust procurement demand, causing social inventories of refined copper to decline continuously. Not only did domestic social inventories deplete, but bonded-zone inventories also kept falling—reaching a multi-year low to date. Compared with prior years, this year’s drawdown inflection point for refined copper inventories arrived earlier than market expectations—and both the pace and magnitude of the drawdown exceeded expectations—providing fundamental support for copper’s sustained price strength. Additionally, the Strait of Hormuz blockade has triggered sulfur shortages, which in turn may boost copper prices. Hydrometallurgical copper refining consumes sulfuric acid, and approximately 15% of global hydrometallurgical capacity remains operational—concentrated mainly in Africa, where the Democratic Republic of the Congo (DRC) alone hosts roughly 3 million tons of copper smelting capacity, over 90% of which relies on hydrometallurgy. Africa—led by the DRC and Zambia—is the world’s most concentrated region for hydrometallurgical copper production and net sulfuric acid consumption, and therefore the area most vulnerable globally to potential copper-supply disruptions stemming from sulfur shortages. Most African sulfur originates from the Middle East. Currently, local sulfur and sulfuric acid supplies across Africa are running critically low, pushing sulfur prices sharply higher. Should geopolitical tensions in the Middle East persist, global hydrometallurgical copper output is likely to contract. The macro-level contradiction underpinning the copper price surge lies in elevated U.S. Treasury yields combined with heightened market expectations of further Fed rate hikes. Yet each time such hawkish expectations are priced in, copper prices—despite brief post-announcement declines—quickly rebound, demonstrating remarkable resilience. Last week, government bond yields surged across multiple countries—including the U.S., Europe, and Japan—pressuring market risk sentiment. Concurrently, Federal Reserve Governor Christopher Waller’s hawkish remarks at the end of August and rising Fed rate-hike expectations triggered a short-lived dip in risk assets. Copper’s price behavior clearly signals that an actual Fed rate hike this year is highly unlikely. U.S. fiscal constraints pose a powerful policy brake: with the national debt continually ballooning, maintaining high interest rates would significantly amplify debt-servicing burdens. Under the dual constraints of anchored inflation expectations and mounting fiscal pressure, the Fed is unlikely to pivot decisively hawkish in the near term. … Over the past several years, although copper prices have fluctuated widely, zooming out reveals a pronounced upward shift in the long-term price trend.

Bidirectional resonance—from 'foundations' to 'computing power': The Industrial Nonferrous Metals ETF delivered an annualized return exceeding 40% over the past year.

By Q2 2026, China’s nonferrous metals industry witnessed steady production growth. According to data from the China Nonferrous Metals Industry Association, industrial value-added growth for nonferrous metals enterprises rose 0.3% year-on-year in the first half of 2026. Total output of the ten major nonferrous metals reached 41.513 million tons, up 3.3% year-on-year. Production growth remained stable: traditional bulk metals saw steady gains in both output and sales. Specifically, refined copper output totaled 7.608 million tons (+5.2% y-o-y); alumina output reached 45.772 million tons (+3.3% y-o-y); and primary aluminum output stood at 23.187 million tons (+3.8% y-o-y). Output of lithium carbonate—a critical metal for new-energy applications—expanded markedly, reaching 563,000 tons, a sharp 33.9% increase year-on-year. Moreover, according to the National Bureau of Statistics, total revenue for designated-size nonferrous metals enterprises in the first half of 2026 amounted to RMB 5.76968 trillion, up 21.7% year-on-year; total profits reached RMB 418.39 billion, surging 94% year-on-year. Profit growth accounted for 32.6% of the total incremental profit generated across all designated-size industrial enterprises nationwide. In terms of market pricing, per the China Nonferrous Metals Industry Association, domestic spot-market average prices during January–June 2026 showed mixed trends: lead prices fell 1.5% year-on-year; copper prices rose 31.4%; aluminum prices climbed 18.8%; zinc prices edged up 4.2%; gold spot prices jumped 45.9%; and silver prices soared 141.1%. Among new-energy metals, prices diverged sharply: industrial silicon prices dropped 10.7%, while battery-grade lithium carbonate prices surged 128.1%. On the demand side, the ‘Six Networks’ initiative—encompassing both upgrades to traditional infrastructure and deployment of next-generation infrastructure—has fostered a mutually reinforcing dynamic between legacy and emerging industries. Specifically, copper—an essential industrial metal—serves broad applications. Its demand growth now stems from multi-industry resonance: sustained expansion in new-energy vehicles, modernized power grids, computing-power centers, and robotics continues to unlock fresh demand. Accelerated global AI-driven computing-power infrastructure construction is fueling copper demand across the entire value chain—from high-voltage transmission lines and data-center transformers to liquid-cooling copper tubing and server interconnect cables. Simultaneously, emerging industries are generating rigid demand for aluminum. As the global green economy takes shape, aluminum alloys are seeing expanded application in automotive lightweighting, photovoltaic modules, EV charging stations, and energy-storage equipment. Moreover, AI data centers are boosting demand for aluminum components used in liquid-cooling systems and structural parts for servers. At the project-implementation level, policy-backed funding continues accelerating major infrastructure starts. According to the National Development and Reform Commission (NDRC), the third batch of ‘Two Major’ projects for 2026 has been approved, allocating over RMB 193.5 billion in ultra-long-term special treasury bonds. Since the start of 2026, the NDRC—jointly with relevant departments—has allocated RMB 800 billion to support 1,417 major projects spanning key areas including scientific and technological innovation, major transportation infrastructure along the Yangtze River, urban underground pipeline networks, major water-conservancy projects, the Western Land-Sea New Passage, and the ‘Three-North’ Shelterbelt Program. These major projects have now entered a phase of intensive commencement. With continued policy momentum, the investment-stimulating effects of the ‘Six Networks’ are becoming increasingly evident—the ‘Six Networks’ initiative is rapidly emerging as a new engine for economic growth. During the 15th Five-Year Plan period (2026–2030), investment in just three of these networks—water infrastructure, modernized power grids, and urban underground pipeline networks—is projected to exceed RMB 16 trillion.

Copper Prices Surge Amid EV and Grid Demand; Mining ETFs Identified

Apr 13, 2026

Copper prices have surged due to demand from EVs, data centers, and grid electrification. The article identifies three ETFs for investors seeking exposure to copper and critical materials.

24/7 Wall St.

2026-04-13

Copper Prices Surge Amid EV and Grid Demand; Mining ETFs Identified

2026-04-13

Albemarle (ALB) Surges 5.1% Amid Market Volatility

2026-04-16

Albemarle soars to nearly three-year high as lithium rebound sparks momentum

2026-04-18

Cwm LLC Increases Stake in Albemarle Corporation to $24.50 Million

2026-04-22

Rothschild Downgrades Albemarle Stock Rating on Lithium Pricing Lag