The global commodity market currently teeters on the brink of a new supercycle, characterised by a decade-long surge in prices driven by structural supply-demand imbalances and fuelled by China's industrialization. Metals like copper and uranium stand at the forefront, propelled by the energy transition and geopolitical realignments. With copper trading at approximately USD 11,200 per tonne and uranium at approximately USD 82/Lbs early November 2025 (both near 2025 highs) - indicators point to a sustained bullish momentum.
Copper's potential is rooted in explosive demand from electrification. Electric vehicles require 3-4 times more copper than traditional cars, while AI data centres and renewable grids could drive a 30% demand shortfall by 2035 - as per the International Energy Agency- an intragovernmental organisation headquartered in Paris, working to ensure clean sustainable energy for its 31 member countries. China's 58% share of global refined copper consumption amplifies this, with 3.3% growth projected for the full year (2025) amid infrastructure and nuclear builds. Supply of copper is lagging critically: Ore grades have declined about 25% since 2000, mine development takes on average 17 years before it yields any significant output, and serious industry disruptions—like Chile's El Teniente accident: A tunnel collapsed in the world’s largest copper mine in the Andes mountains in July 2025 – resulted in months of closure with investigations pending which curbed global output to 1.4% growth.
Uranium's rally stems from a nuclear renaissance, there are 60 reactors are under construction globally, with China doubling capacity and U.S. subsidies accelerating nuclear builds. Demand for uranium is expected to hit 68,920 tonnes for the full year (2025), outstripping supply amid Kazakhstan's 40% mine dominance and production shortfalls. Long-term prices have settled just below USD 80/Lbs, following a recent increase in expected supply – but it is noted that the price of uranium can be rather volatile following a high of USD 100/Lbs early in 2024.
Underinvestment, geopolitical risks such as China's refining leverage - China controls 90% of global rare-earth refining capacity, and sticky inflation further entrenches this cycle, undervaluing metals relative to equities. A commodity supercycle isn't guaranteed, but these imbalances make it highly probable—positioning copper and uranium at the forefront of a greener, tech-driven economy.