Copper is becoming more strategic for governments and industries as AI, power-grid investment and defense spending boost demand, investors say. Copper has risen 15.8% year-to-date and more than 30% over the past 12 months, while gold futures have fallen 4.11% year-to-date. Ivanhoe Electric CEO Taylor Melvin said demand from technology and defense is almost inelastic and expects copper to withstand recent tech-stock volatility. The rally is also supported by uncertainty over a possible U.S. tariff on refined copper, which the Commerce Department recommended at 15% from Jan. 1, 2027, though no final decision has been announced. Aberdeen's Iain Pyle noted that a large share of the world's copper is now stored in the U.S. and Chinese inventories look exceptionally low, while still seeing underlying fundamentals as clearly bullish.
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Related tickers and likely impact
XAU/USD
▼ Likely negativeRelevance: low
| Market | Gold |
|---|---|
| Close on 10/19/2026 | 4,140.75 |
| Change that session | -0.60% |
NVDA
• NeutralNvidia
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.2T |
| Close on 10/19/2026 | 217.09 |
| Change that session | +1.38% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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