United States Copper Index Fund

CPER

Market cap $507M

Copper prices look set to fall from all-time highs, says Goldman Sachs

Although there are fundamental justifications for copper's rally in 2025, Goldman Sachs said speculative inflows contributed the majority of the upward momentum in prices.

On a recent episode of the "All-In" podcast, investor Chamath Palihapitiya said that copper is set to go “parabolic” in 2026.

Metals extended their dramatic start to the year — with gold, silver, copper and tin all hitting record highs — as investors piled into the commodities as a red-hot alternative to more traditional assets. Frenzied buying in China across multiple metals has stoked the recent moves, at the same time as investors have been seeking safe havens amid geopolitical flashpoints from Venezuela to Iran and the Trump administration's fresh attack on the Federal Reserve.

Base metals have seen a strong start to the new year, though they have not reached the record highs set by precious metals.  Copper and aluminum continue their rallies from last year, while the price of nickel has seen a particularly sharp jump since the end of last year.

EQTEC PLC (AIM:EQT) shares soared in Wednesday's early trade, rising over 50%, after it announced a complementary strategic expansion that aims to build on its waste-to-value gasification platform with selective exposure to capital-light resource assets linked to global electrification The company said it is targeting critical and precious metals including copper, gold and rare earth elements, alongside its core gasification technology, to introduce nearer-term cash-flow opportunities. “Selective, capital-light exposure allows us to balance the portfolio and introduce nearer-term value inflexion points while remaining aligned with the same electrification and decarbonisation drivers," said chief executive James Parsons.

Chilean state-run miner Codelco is expected to produce 1.344 million metric tons of copper in 2026, up about 10,000 tons from last year, Chairman Maximo Pacheco said on Monday.

January 12, 2026 – TheNewswire - Victoria, BC – Teuton Resources Corp. (“Teuton” or the “Company”) (“TUO” – TSX-V) (“TEUTF” – OTCQB) reports assay results from its 2025 inaugural diamond drill program on the Ram Property, located approximately 7 kilometres (“km”) southwest of the Red Mountain gold-silver deposit in British Columbia's Golden Triangle. The program comprised 1,978 metres (“m”) of NQ-diameter core drilling in seven drill holes from two drill setups located approximately 625 metres apart, testing two previously unexplained magnetic anomalies. The Ram Property is jointly owned with Silver Grail Resources Ltd. Assay results returned elevated gold, copper and molybdenum values across multiple zones, with individual assays that range from nil to 3.64 grams per tonne (“g/t”) gold (“Au”), nil to 3,294 parts per million (“ppm”) copper (“Cu”), and nil to 489 ppm molybdenum (“Mo”), confirming the presence of a broad mineralized system and supporting further follow-up work.

RBC Capital Markets has lifted the curtain on Q4/25 reporting season for North American base-metals names, arguing copper's surge above US$6/lb has reset investor expectations but not fully equity pricing. In a January sector preview, analysts at the Canadian bank said supply disruptions, elevated US inventories and demand drivers have pushed the metal to records, while copper equities trade at richer multiples yet still imply an average long-term copper price around US$4.39 to 4.49/lb, a material discount to spot.

Rio Tinto-Glencore merger talks underscore the growing demand for copper, driven in part by AI.