Copper, known as the “red metal” or “doctor of the economy” due to its sensitivity to global cycles, emerges in 2026 as an indicator of industrial growth, contrasting with gold and silver as safe havens, and influencing crypto. Spot prices on the LME reach US$ 5.95 per pound (daily high of 1.45%, monthly of 7.62% and annual >39%), driven by supply deficits (up to 500,000 tons projected) and demand from AI, EVs, and electrification. Forecasts from Deutsche Bank indicate averages of US$ 12.965/ton in three-month contracts, with mining production growing only 1%.
In crypto, analogies position Ethereum as “digital copper” due to its infrastructure in DeFi and NFTs, similar to copper in cables and data centers. The copper/gold ratio (>0.002) signals “risk-on”, enhancing flows to Bitcoin (projected to capture 14% of the gold market cap, upside >100%) and altcoins, with crypto market cap >US$ 3 trillion. Platforms like Copper.co facilitate digital custody, while tokenized copper assets offer yields and hedges, with volumes in billions.
Risks include a 20% contraction due to weakness in demand or policies, but discoveries like Castilla (Chile/Colombia, with 538 g/t gold and 17.7% copper) mitigate scarcity. Indices like LME Copper (quarterly high 15%) suggest a rotation of commodities to blockchain, catalyzing crypto in an interconnected ecosystem.
