Natalie Scott Gray

Copper is traditionally known as Dr. Copper.

The copper market has done terrifically, right?

It's gone up and up and up, and it reached almost record highs as recently as late January of 2026.

Investors are worried about demand destruction due to an energy shock.

The longer the Strait of Hormuz stays closed, the greater the likelihood of a recession and slower economic activity.

And of course, higher interest rates...

lead to slower growth, which is another reason why I think you see a lid on the price of copper currently.