Copper at record prices: What happens next?

By CPM Group

Published:

May 26, 2026 - 10:14 PM

Updated:

May 26, 2026 - 10:20 PM

Kitco Commentaries
Opinions, Ideas and Markets Talk

Featuring views and opinions written by market professionals, not staff journalists.

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In this presentation, Jeffrey Christian of CPM Group gives an update on gold, silver, platinum, and palladium prices before turning to copper.

He explains why precious metals appear to be settling into a summer consolidation period, with gold trading near $4,500, silver holding within its recent range, and platinum and palladium also moving within broader trading bands.

Jeff then turns the focus to copper, where CPM Group remains constructive on the long-term outlook but less aggressive than many other market forecasts. He discusses why copper demand tied to construction, electrification, vehicles, power grids, AI, and data centers needs to be analyzed with more nuance and less uncritical enthusiasm.

While CPM expects the copper market to remain tight, with refined supply falling short of fabrication demand. Jeff also explains why some long-term copper price expectations may be too optimistic.

CPM Group

CPM Group is a commodities research, consulting, financialadvisory and commodities management firm providing independent research,analysis and advisory services related to commodities markets, corporate andproject finance, and the financial management of exposure to commodity orientedinvestments.

We started our business in 1986 predicated on the idea that commoditiesresearch and advice is best delivered by independent experts who do not work forbanks, brokers, mining companies, or any other entity that has interests thatcould conflict with the best interests of the clients receiving the research,analysis, and advice.

All of our work is driven by fundamental commodities research and economicanalysis. As we undertake our research into individual commodities markets wegather a tremendous amount of information and develop an enormous body ofextremely high quality, unbiased analysis of the markets and the companies thatare involved with individual commodities. The outputs of our research andanalysis take the form of research reports, specialized and targeted consultingrelated to these markets, financial advisory services ranging from corporate andproject finance structuring to equity introductions, and managing specificcommodities and investment positions for clients.

CPM Group continues to demonstrate the economic value and financial worth ofsuperior research, information, and analysis. Our research is based onmicro-economic analysis of the individual components of each commodity market,wedded with a top-down macro-economic analysis of the global trends affectingthese markets. We apply the results of that analysis to our research,consulting, and advisory services.

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Copper Jeffrey Christian gold silver

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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Copper at record prices: What happens next?

By CPM Group

Kitco Commentaries
Opinions, Ideas and Markets Talk

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opinion

Copper at record prices: What happens next?

By CPM Group

Kitco CommentariesOpinions, Ideas and Markets Talk

CPM Group

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Kitco Commentaries
Opinions, Ideas and Markets Talk