Massive bounce in Copper as markets eye EV demand trends

COMEX Copper futures continued to surge today. Firm equities and weak US dollar are pushing the metal up in thin year end trades. COMEX Copper futures are up 2.60% at $5.72 per pound right now. Copper has rallied by more than 40% this year, poised for the biggest annual gain since 2009, driven higher by rising tech demand, supply constraints, and tariff uncertainty. The general undertone remains supportive for global economy and generous demand for electric vehicles. Electric Vehicles (EV) sales in 2025 are expected to exceed 20 million worldwide to represent more than one-quarter of cars sold worldwide, according to IEA. Electric car sales exceeded 17 million globally in 2024, reaching a sales share of more than 20%. Copper has managed to deal with the recent wave of slightly tepid Chinese economic data forcefully due to the surge in demand from EV segment. Weak US dollar and record high US equities also boosted the red metal as a break above $5 per pound extended.

Powered by Commodity Insights