The global market is witnessing a silent but decisive turning point. While oil remains contingent on geopolitics and cryptocurrencies move to the rhythm of investment sentiment,… copper Become this year’s unexpected protagonist.
What seemed like just another metal in the commodity world is today a strategic asset supporting two simultaneous revolutions: Energy transmission An unstoppable progress artificial intelligence.
The 2025 mark was strong. Copper emerged from its slumber with a force that changed wallets and expectations around the world. Mining ETF $COPX Advances more than 56% This year it easily outperformed the S&P 500 and Nasdaq, a move the market can no longer attribute to speculation alone. Behind this escalation there is a much deeper physical and economic phenomenon: global demand is growing at a rate that supply cannot keep up with.
Major investment banks agree that 2026 will not be a continuation of the rally; The year in which copper can break all historical ceilings. For the Argentine investor, accustomed to covering himself with dollars or bricks, this trend opens an exceptional opportunity to position himself in a sector that could set the pulse of the global economy for the coming years.
UBS stood out for this opportunity
The strongest warning came from UPSwhich surprised expectations already strongly circulating among operators and funds: copper could arrive US$13,000 per ton in December 2026. The entity speaks of a “perfect storm” in which two forces collide that offer no respite: limited supply due to structural problems and demand driven by technologies that cannot wait.
The bank expects an increase of about a millimeter over the next year: US$11,500 in March, US$12,000 in June and US$12,500 in September. But what matters is not the speed, but the reason. Large mines in Chile, Peru and other major producers extract copper from copper Low mineral gradesWhich means more work, more costs and less metal per ton processed. What is even more difficult is that there are no new projects large enough to reverse this trend in the short term.
UBS highlights a fact that worries the market: even current prices, which are at historically high levels, are still high. Not enough to stimulate huge investment That the world will need to keep the world electrified. For this reason, they expect that the only way out will be to increase prices strongly enough to calm part of consumption.
However, they do not rule out disruption. A setback for the Chinese economy – which accounts for more than 50% of global consumption – could lead to temporary corrections. But for analysts, the structural trend of the metal has already been determined.
Artificial intelligence has changed everything: copper is now important infrastructure
Until recently, the big driver of copper was the energy transition. Solar panels, wind farms and electric cars have been the focus of analysis for years. But in 2025, a new actor emerged who disrupted the traditional models:… artificial intelligence.
Data centers that train models like ChatGPT, Gemini, or Claude consume astronomical amounts of power. This energy spreads through Kilometers of copper wireHigh-power chip cooling systems also rely on the same metal. This phenomenon has surprised economists: AI requires not only computation; Electrical infrastructureThis infrastructure is copper intensive.
Goldman Sachs It recognizes this dynamic and points out that although a moderate surplus may be seen in the very short term, the market is trending towards… Severe shortage at the end of the decade. Your long-term expectations –15,000 US dollars per ton– Reflects a scenario in which technological demand becomes unstoppable.
In addition, developed countries compete to secure supplies. The United States, China and Europe are locked in a strategic race to control important minerals, leading to mergers and acquisitions in this industry. Copper ceased to be a simple commodity and became A matter of national security.
Wall Street agrees on one key thing: the copper floor is no longer what it used to be
The big banks’ forecasts show nuances, but it’s a very clear point of agreement: The word moved up.
UBS is leading the charge in optimism, but it is not alone. City See average price $12,000 in Q2 2026 He highlights that global manufacturing and future Fed interest rate cuts will act as catalysts. Bank of America It also raised its estimates above 11,300 US dollarswarning of dangerously low inventory levels in London (LME) and New York (COMEX).
In New York City, they no longer discuss whether copper can go beyond copper $10,000but if this value would be New structural floor Over the next few years.
Investing from Argentina: How to catch the train before it accelerates
For the local investor, participating in the copper rally does not require opening a mine or operating in exotic markets. The most effective method is still the financial market.
European Training Foundation $COPX (Global Copper Miners ETF) It is the tool of choice for global managers because it brings together the world’s major mining companies. It does not replicate the price of the metal, but rather the production potential of companies such as Freeport-McMoRan, BHP, Antofagasta also Ivanhoe. When copper rises, these companies typically multiply that move by two or even three due to the operational leverage of the sector.
In Argentina there is no direct CEDEAR $COPXso it is necessary to work through Global account Which allows assets to be purchased in the US with cable dollars.
For those who prefer to stay local, the market offers strong alternatives with CEDEARs from companies that represent a large portion of the sector. Freeport-McMoRan (FCX) It is the largest “pure” copper miner in the United States and one of the companies most closely linked to the price of the metal. BHPAt the same time, it combines diversification with a dominant presence in high-grade copper. Both allow the structural movement of the metal to be captured without leaving the local system.
Conclusion: A supercycle is underway (and an opportunity that doesn’t arise every year)
The global enthusiasm is no coincidence. The world needs electricity fast and it needs advanced computing even faster. Neither can be done without copper. This combination of technological urgency and geological scarcity is pushing the metal into a scenario in which the price could break records during 2026 and remain high for several years.
The risks are there – from the Chinese economy to potential political conflicts in mining countries – but the underlying trend is clear. Copper has ceased to be a secondary commodity to become one of the most strategic assets on the planet.
For those watching the market from Argentina, this may be one of the best times in the decade to add exposure to the sector before prices finish rising. The train has already started. The only question is whether you will continue working while it is still on the platform.