International gold and silver prices both reached historic highs on January 19, with the London spot gold price briefly surpassing $4,690 per ounce and the spot silver price exceeding $94 per ounce. As of press time, spot silver was trading at $93.26 per ounce, while spot gold was at $4,669.26 per ounce.
Amid this surge, another metal has quietly gained traction—investment copper bars. On January 19, the hashtag #CopperBarsQuietlyTrendAfterGoldSilverSurge became a trending topic.
Shenzhen's Shuibei, the largest gold and jewelry distribution hub in China, has seen many merchants in markets like Jinzuo, Yinzuo, and Teli tentatively launch pure 999.9 investment copper bars this month. Available in 500-gram and 1000-gram specifications, with the latter being more common, the price for a 1000-gram investment copper bar ranges from 180 to 280 yuan.
A follow-up visit to multiple trading centers in Shuibei on the 17th found no physical "investment copper bars" available yet. However, some merchants indicated that the physical bars require pre-ordering, with the current price set at 190 yuan per 1000-gram bar, offering discounts for bulk purchases.
Under related discussions, one netizen remarked, "I thought it was a joke at first, but it turned out to be real." Another joked, "I won't dare to call it 'worthless copper and iron' anymore."
On various social media platforms, Shuibei's "investment copper bars" have sparked heated discussions, with numerous photos of the physical bars circulating and attracting high levels of inquiry. Observations indicate that most people are still approaching "investment copper bars" with a "spectator" mentality.
Recently, prices for gold, silver, and copper have successively hit record highs. Market information suggests that the current rally in non-ferrous metals, led by copper, can be traced back to November 2025. It is primarily driven by a combination of three factors: persistent tightness in global copper ore supply, trade flow restructuring triggered by U.S. tariff expectations, and accelerated demand growth from AI and new energy infrastructure. Coupled with strengthened macro-financial attributes, these factors have propelled prices to new historical peaks. Internationally, LME copper prices rose nearly 40% in 2025. Concurrently, Goldman Sachs raised its copper price forecast for the first half of 2026 to $12,750 per ton, while Citi warned that "January might be the annual peak," cautioning about potential price corrections after tariff expectations materialize.
Interviews with several consumers and merchants reveal that the pursuit of investment gold bars, silver bars, and even copper bars is fundamentally driven by a desire for asset preservation. This trend also reflects, to some extent, the "asset allocation dilemma" faced by ordinary consumers.
Looking ahead, some industry insiders believe that potential U.S. import tariffs on refined copper could be a critical factor influencing copper prices. On July 30, 2025, the White House announced that President Trump had signed a proclamation. The U.S. Department of Commerce recommended imposing a 15% tariff on refined copper starting in 2027, increasing to 30% in 2028. Before June 30, 2026, the U.S. Secretary of Commerce is to provide the President with an update on the domestic copper market to inform the decision on whether to implement the import tariffs.
Wall Street is deeply divided on the future trajectory of this crucial industrial metal. UBS has warned of a severe structural shortage in the copper concentrate market from 2026 to 2027. However, this structurally bullish view contrasts sharply with the short-term cautions issued by Goldman Sachs and Citi.
Goldman Sachs argues that the recent rapid rise in copper prices is primarily due to "structural tightness" under U.S. tariff speculation. Once the tariff path becomes clearer, copper prices are expected to revert to levels reflecting the "true state" of global supply and demand.
Citi warns that once the direction of tariff policy becomes clearer, metal inventories hoarded in the U.S. market might flow back into the global market. This could alleviate physical supply pressures in other regions and put downward pressure on metal prices.
"The second quarter of this year will be a turning point for copper market sentiment," Goldman Sachs stated in a report, raising its LME copper price forecast for the first half of 2026 to $12,750 per ton from $11,525. The bank cited tightening inventories outside the U.S. due to capital inflows and supply flows redirected towards America. However, it maintained its forecast for the fourth quarter of 2026 at $11,200 per ton, implying significant downward pressure on prices in the second half of the year.
