TechFlow, on October 25, the U.S. metal sector surged across the board. Fueled by rising copper and aluminum futures and positive earnings reports, Alcoa, Freeport-McMoRan, and Kaiser Aluminum saw remarkable gains this week. On that day, Comex copper futures rose 2.1% to $5.10 per pound, nearing the high end of the range reached after Trump lifted the original copper tariffs in July, while aluminum prices climbed simultaneously to $2,860 per ton.
Goldman Sachs stated in its latest research report that market traders generally have a bullish outlook on copper prices, expecting them to surpass $10,900 per ton in the coming months. The arbitrage mechanism between Comex and LME could further drive up international copper prices. Meanwhile, output declines at several mines in Chile and Indonesia mean tightening supply may become a key factor pushing prices higher. TD Cowen also raised its forecast, increasing the 2026 Comex copper price target from $4.40 to $5.25 per pound, with a projected supply deficit of 222,000 tons.
A BiyaPay analyst noted that the sustained strength in copper and aluminum prices reflects expectations of a cyclical recovery in global manufacturing. BiyaPay now supports zero-fee spot cryptocurrency contract trading, as well as USDT-based trading for U.S. stocks, Hong Kong stocks, and precious metals futures products.
