Copper prices are approaching record territory again, driven by a mix of policy relief, supply stress and a clearer demand runway. The latest push has coincided with early signs that the United States and China are re-engaging on trade. While still cautious in tone, the shift removes a layer of uncertainty that has weighed on industrial flows since the initial tariffs cycle.
At the same time, production issues are limiting supply. Indonesian output has been constrained, African volumes are under pressure, and no major new supply is set to come online at scale. Inventories remain tight, and the physical market has been drawing down faster than expected. Against that backdrop, even modest changes in demand confidence can push prices meaningfully higher.
Gold, by contrast, is moving the other way. Despite easing US inflation figures, the price of gold has fallen as appetite for risk assets has improved. The urgency to hedge against inflation or financial system instability has ebbed, and some of that capital is rotating into economically sensitive exposures instead.
Great Western Mining Corporation Plc (LON:GWMO) is a mineral exploration and development company, incorporated in Ireland with operations in the USA.
