The Next Big Bull Market Could Be Copper

Glencore’s aggressive pursuit of Canada’s Teck Resources has put a spotlight on the race to secure access to copper.

Traditionally seen as a cyclical economic indicator, the metal is also poised to play a key role in the world’s green transition—which is being supercharged by recent legislation, including the U.S. Inflation Reduction Act (IRA), passed last year. Green technologies including electric vehicles and solar panels use more copper than equivalent fossil-fuel-based technologies, and supply growth looks likely to fall far well short of demand over the coming decade.