We entered 2026 with strong backdrop for metals, especially copper, supported by rate cutting cycle (tailwind for commodities), investors seeking real asset exposure flowing into metals, very tight supply backdrop from 2020-25 disruptions spilling into 2026, and US scooping up every spare ton of copper accelerating through December.

Chinese demand remains important but market will refocus on it when there's clarity on potential US copper tariffs in 2027; demand drivers shifting from traditional Chinese growth to data centers, stationary storage batteries, and grid development; Chinese demand currently soft but excess metal absorbed by US.