Copper Joins the Rally: What the Metal Melt-Up Means for Markets

Metal markets are booming—led by copper joining gold, silver, and platinum in a broad rally. Since the start of the year, gold and silver are each up about 26%, platinum has soared 49%, and copper has jumped nearly 12% following a new 50% import tariff announced by President Trump.

But what’s driving this surge, and what does it mean? Three key thoughts emerge:

– Metals are rallying even without high inflation, suggesting markets are anticipating something not reflected in official CPI figures.
– The new copper tariffs aim to boost domestic production, but could ironically raise costs for U.S. manufacturing and infrastructure.
– Copper supply is tightening, with demand expected to grow but production slow to respond—new mines take over a decade to develop, and current mining expansion is limited.