Just now, I looked at the copper charts again and have to say: The metal is truly fascinating when you get closer to it. The price of 1 ton of copper was still significantly lower a few years ago; now we see entirely different dimensions here.

What interests me most: Copper is not just a speculative wave like some other commodities. This stuff really drives the global economy. Whether construction, electronics, renewable energy, or e-mobility – copper is needed everywhere. And the quantities involved are substantial.

The historical development is quite impressive when looking at the past 25 years. From 2001 to 2011, it was an unprecedented growth phase. Back then, when China joined the WTO and modernized its economy, copper prices soared. From nearly $0.68 per pound to over $4 – that’s a tenfold increase! Sure, there was a crash in 2008 due to the financial crisis, but the recovery was quick.

Then, from 2011 to 2016, a bear market followed. Less infrastructure investment in China, too much supply from new mines – the price of 1 ton of copper dropped. A decline of about 55 percent. Not pleasant for investors, but that’s how the market works.

Since 2016, it’s been climbing again. Fiscal stimuli, low interest rates, now also tariff discussions – all driving the price. The previous high was at $5.84 per pound, which is about $12,875 per ton. Impressive.

What specifically moves the price of 1 ton of copper are several factors. The global economy plays a big role – when the economy is doing well, more copper is needed. China is key here, responsible for about half of global demand. Then the supply side: how much is mined? Higher supply pushes the price down, lower supply lifts it.

I also find the development in renewable energy interesting. Green energy sources require significantly more copper than fossil fuels – up to 12 times more. The International Energy Agency estimates that renewables could account for 40 percent of copper demand by 2040. And electric vehicles? They need about three times more copper than conventional combustion engines. That’s a major future demand driver.

The dollar exchange rate also plays a role. A strong dollar makes copper more expensive for foreign buyers, a weak dollar has a positive effect. Additionally, macroeconomic factors like interest rate policies and inflation expectations come into play. Higher interest rates often reduce copper demand, but inflation expectations can increase it because copper is seen as an inflation hedge.

And then there are speculators. They often have a significant short-term influence on price movements. This was also evident with tariff announcements – the market reacted sharply.

Regarding the future: The forecasts from a year ago ranged between $9,000 and $11,000 per ton. Goldman Sachs predicted around $10,000, JP Morgan over $11,000 for 2026, UBS was even more optimistic. But those were old forecasts before things shifted. The current price of 1 ton of copper shows that the market has already priced in some of these scenarios.

Those wanting to invest in copper have various options. There are futures like LME contracts or COMEX futures, but these are more suitable for experienced investors. Then ETFs that track the price development, offering a cost-effective alternative. Or you can look at stocks of mining companies – BHP, Southern Copper, Freeport-McMoRan, Rio Tinto. These companies benefit disproportionately from price increases because their production costs are mostly fixed.

CFDs are another option for short-term trading, but you should know what you’re doing here. The risk is significant. Buying physical copper? For retail investors, it’s rather impractical – storage, transportation, insurance quickly become problematic.

In trading itself, there are different approaches. Trend following is popular – identifying a trend and speculating that it will continue. Moving averages help find entry and exit points. Then there’s fundamental trading, where you trade based on economic data. Chinese industrial data is especially important here.

A big topic that many underestimate: risk management. A position should make up no more than 5 percent of the trading capital, stop-loss orders at 2-3 percent below the entry price – such rules help to be successful in the long run. And diversification is important. You shouldn’t put everything into copper but build a balanced portfolio.

All in all: The price of 1 ton of copper is determined by many factors and offers interesting opportunities for both short-term traders and long-term investors. Copper’s fundamental role in the global economy makes it a commodity that will remain.