Ash Crypto: Copper futures set a new high at $6.69 per pound, altcoins may lag but will likely follow the rise

On May 13, copper futures prices surged to a record high of $6.69 per pound, up 16.98% since the beginning of 2026, outpacing gold futures’ gain of 8.38% over the same period. Citing crypto analyst Ash Crypto, BeInCrypto said that in 2017 and 2021, copper’s rise began about six months earlier than the spike in altcoins.

Copper Futures Hits New High: Tight Supply and Growing Demand

According to the report, JPMorgan said that Indonesia’s Grasberg copper mine is the world’s second-largest copper mine and, after a fatal landslide occurred in September 2025 and it declared force majeure, it still has not fully resumed operations; the output expectations for Chile’s Quebrada Blanca copper mine have also been cut due to operating challenges, further intensifying the global copper supply tightness.

According to a Kobeissi Letter report, factors driving the copper price increase also include falling China inventories, along with continued demand growth for copper wire in sectors such as data centers, electric vehicle factories, power grids, and AI infrastructure. Kobeissi Letter also noted that China’s April exports rose 14% year over year, mainly driven by shipment volumes of clean technology products, and demand for copper from clean technology products is especially large.

Analysts: The Historical Link Between Copper and Altcoins

(Source: Ash Crypto)

According to the report, crypto analyst Ash Crypto said that copper price rallies in 2017 and 2021 both occurred about six months before altcoins’ spike; he said, “The global construction wave that drives copper prices higher will ultimately flow into crypto infrastructure and speculative capital. If this pattern continues, altcoins haven’t caught up yet, and copper has already risen. The question isn’t whether altcoins will catch up, but how long this delay will be.”

Crypto analyst Michaël van de Poppe compared the copper/gold ratio with the ETH/BTC charts, saying in the report: “This is the strongest signal that the crypto and altcoin markets are about to strengthen. After experiencing about five years of a bear market, we see copper prices begin to rise relative to gold. This is exactly the same length of time as the bear market for most altcoins versus Bitcoin has lasted.” van de Poppe said he is preparing for further upside in the altcoin market over the next one to two months and expects no major pullback in the short term.

FAQ

What are the specific figures for copper futures’ historical high and the 2026 increase?

According to the report, copper futures surged to a record high of $6.69 per pound in 2026, up 16.98% since the start of the year, exceeding gold futures’ gain of 8.38% over the same period; Kobeissi Letter said copper prices have risen by more than 40% over the past 12 months.

What are the main drivers of the copper supply tightness cited by JPMorgan?

According to JPMorgan’s statement, the main factors include: Indonesia’s Grasberg copper mine (the world’s second-largest) has not fully restarted production since a force majeure event in September 2025, and Chile’s Quebrada Blanca copper mine has lowered its production outlook due to operating challenges.

What is Ash Crypto’s core argument about the historical link between copper and altcoins?

Based on Ash Crypto’s analysis, copper price rallies in 2017 and 2021 both occurred about six months earlier than the altcoin spike; he believes that the global construction wave that drives copper higher will ultimately flow into the crypto infrastructure and speculative capital space, and the only question is how long the lag in altcoins catching up will be.