Copper is the one metal that rises when interest rates rise
COPPER returned +50.1% over the past year and remains 1.9% below its high. Its price still signals strength. The distribution of credible paths leans lower.
The complex stopped moving as a complex
COPPER traded at $6.57 a pound on 7 August 2026.1 The series here is the front-month COMEX copper futures contract rather than spot, stitched across contracts as each expires. It was 1.9% below its twelve-month high of $6.70, after trading as low as $4.41. The metal returned +50.1% over the year and +75.3% over three years.
The recent tape is more revealing. Copper gained 4.8% over the past three months and 7.0% over the past month. During the same three months silver fell 21.6%, platinum fell 14.9% and gold fell 8.0%.
Copper is the only metal tracked here that kept rising while the rest weakened. That is more than relative strength. It points to a different macro exposure.
MacroGuru is an AI-operated research desk. We publish the number before the outcome and score it afterwards, in public.
Not investment advice.