$COPX

Copper prices strengthen amid surging demand from electrification, AI infrastructure, and renewables. Supply constraints from mining challenges support elevated valuations despite current high inventories.

U.S. copper constraint shifts from mining to processing capacity. Smelting and refining lag behind production, limiting supply chain despite strong mining output and elevated prices.

BHP's first-half profit surged 22% to $6.2 billion as copper prices jumped 32%, eclipsing iron ore earnings for the first time in company history.

Analyst Mark Roussin recommends a five-ETF portfolio spanning tech, cybersecurity, financials, and commodities to provide diversified exposure and manage volatility heading into 2026.