I just looked at the copper market figures from the past two years—and honestly, the picture has become more interesting than many think.

Copper is no longer just an industrial metal. With the energy transition, we’re seeing a fundamental shift in demand. Electric vehicles, wind turbines, solar panels—each of them needs significantly more copper than traditional applications. A wind turbine needs about one ton of copper per megawatt, while photovoltaic requires as much as four tons. An electric car uses about four times as much copper as a normal vehicle. That’s not a small difference.

The thing is: in 2023, copper consumption was over 31.6 million tons. Only about 7% of that went to renewable energy—roughly 2.84 million tons. But growth in this segment is running at 17% annually, while traditional applications grow by only 1%. By 2030, the share of renewable energy will rise to about 18%. This is a massive structural change.

But the supply problem is the core issue. The major producing countries are Chile (27%), Peru (11%), China (9%), the DR Congo (7%), and the USA (6%). The problem: there are currently no significant new mining projects being planned. It takes years for a new mine to come online. The stockpiles at the London Metals Exchange are historically low—and that is pushing prices.

When I look at the copper price forecast for the coming years, the scenario actually looks bullish. The global economy is stabilizing again, interest-rate cuts are already underway, and demand from green technologies remains strong. Copper price performance will depend heavily on whether the mines can ramp up production—and that doesn’t seem likely.

There are several ways to invest. Copper stocks from established mine operators such as Freeport-McMoran (FCX) or Southern Copper (SCCO) have a high correlation with the copper price. These companies also pay dividends and repurchase shares because they generate cash. An ETF like Blackrock ICOP provides diversified exposure to multiple copper producers.

Alternatively: copper ETFs offer direct price exposure without company risk, but they have annual fees of up to one percent and do not pay dividends. Futures are more for experienced traders—too much leverage, too much risk for ordinary investors.

The copper price forecast for 2024 has partly come true—but now in 2026, the question is: how long does this cycle last? My observation: as long as stockpiles remain low and demand from renewable energy keeps growing, copper will remain attractive. But you shouldn’t tie up more than 10% of your portfolio in it, and you should always keep a stop-loss in mind.

If you want to stay in it long-term, keep an eye on LME stockpiles, global economic developments, and news about new mining projects. Those are the real drivers of price—not the daily fluctuations.