Copper’s run may not be done yet, says Trading.com CEO

Copper traded at record levels on global exchanges, while silver, platinum, aluminium, nickel and zinc also moved higher. Peter McGuire, Chief Executive Officer of Trading.com said the recent price action reflects sustained demand and investor positioning.

“You can’t argue with the numbers,” he said, adding that copper has developed strong momentum. He sees copper trading in the range of $13,500-13,750 per metric tonne on the London Metal Exchange in the near term, driven by ongoing buying interest.

Copper surpassed $13,000 a ton for the first time on January 5. The rally is being fuelled by a rush to ship copper to the US as tariff concerns have pushed US prices well above global levels. This has tightened supplies elsewhere and added to investor interest, already strong due to copper’s growing use in data centres and electric vehicles.

McGuire said the current rally across metals is being driven by momentum, supply-side factors and rising participation across markets.

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Copper remains McGuire's top pick among industrial metals. He also flagged tin, aluminium, and zinc as metals to watch, noting that they often move together during upcycles.

“Copper will take the charge,” he said, while advising market participants to track related mining stocks for exposure.

On labour-related developments in Chile and other mining regions, McGuire said wage negotiations are part of the normal cycle during periods of higher prices and do not change the broader outlook in the near term.

McGuire also reiterated his near-term view on silver and gold. He said silver could move towards $92–95 per ounce by the end of the month, while gold may trade around $4,745 per ounce levels.

“I’m not changing my view,” he said, pointing to strong buying across physical markets, exchange-traded funds and futures. He added that retail demand and institutional participation are both contributing to the move.

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According to McGuire, silver has gained close to 10% in a single session and is attracting attention beyond traditional investor groups, with wider public participation now visible.

McGuire said geopolitical developments involving Venezuela, Iran and other regions remain works in progress and could influence commodities linked to energy markets. However, he noted that metals are currently being driven more by demand, supply constraints and investor flows than by geopolitics alone.

The focus, he said, remains on how prices settle through the first quarter before assessing longer-term trends.

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