This Metal Is Hitting Record Highs - And Its Not Gold Or Silver

Lower interest rates, new tariffs, and economic uncertainty since Donald Trump took office for his second non-consecutive term as president are among the reasons gold prices have reached unprecedented heights in 2025. For some perspective: the value of gold in the futures market went from $2,669 an ounce at the start of 2025 to $4,387.10 an ounce as of mid-December. The price of silver has changed a lot in the last year, too: increasing 116.9% to $66.69 an ounce as of December 17in the span of a year, per AMPEX.

But there's another metal that's skyrocketed in value — so much so that it's broken record highs several times in 2025: copper. In fact, on December 15, 2025, the price of copper hit a record high of $11,952 per metric ton on the London Metals Exchange. However, the price hike may not stop there. As reported by CNBC, Citigroup analysts expect copper to reach $13,000 a ton at the start of 2026 and up to $15,000 a ton by Q2 2026.

In the long term, Mike Henry, CEO of mining company BHP, explained during an interview on CNBC's 'Squawk Box' that copper prices could increase another 70% by 2050, and the reasons might surprise you. Though traditionally nowhere near as valuable as gold and silver, copper is an important material for electrical infrastructure, industrial equipment, semiconductors, construction, and military equipment. Most notably, copper is needed to build the infrastructure required for more data centers – such as the kind being made to power artificial intelligence, Bitcoin mining, and other digital technologies.

The problem is, there are fewer and fewer new sources of copper being discovered around the world and the mines that are being started "are oftentimes smaller, lower grade in tougher jurisdictions," Henry explained. And while the U.S. Geological Survey believes there is 48 million tons of copper resources in the U.S., it takes an average of 19 years to get one operational, according to U.S. Global Investors.

As for companies importing copper into the United States — that process may soon get more expensive. As of August 2025, the White House has attached a 50% tariff on imported copper products such as pipes, pipe fittings, cables, electrical components, wires, rods, sheets and tubes. The executive order also stated that the president might also choose to place a 15% tariff on refined copper starting in 2027, rising to 30% in 2028. This executive order also sparked a hoarding situation in the U.S., which experts expect to continue into 2026.

BHP CEO Mike Henry explained to CNBC that there only needs to be a "few disruptions at a few copper mines around the world to all of a sudden send the market into deficit and see copper prices reach record highs." And because there isn't a way to significantly increase copper supply anytime soon, he explained it wouldn't "take much to send prices north" — even further north than they already are, that is. However, not all experts have the same outlook.

Just as investors should analyze if gold is worth buying in 2025 given its rise in price, they should also be mindful of how copper's price could change in 2026. A December 2025 Goldman Sachs report forecasts that the price of copper will shift away from its 2025 peak to an average of $10,710 on the London Metals Exchange in the first half of 2026. This is largely because Chinese demand for refined copper fell 8% year-over-year in the fourth quarter of 2025. Plus, Goldman Sachs expects the global surplus of copper will reach 500 kilotons by the end of the year. However, that surplus will shrink as time goes on, and will likely reach deficit territory by 2029. So despite a settling in copper prices in the more immediate future, it seems to only be a delay of the inevitable — with Goldman Sachs predicting that the price of copper will reach $15,000 per metric ton by 2035.