Copper futures extended their gains on July 20, 2026, reaching near $6.29 per pound, driven by concerns over limited supply. The rally boosted shares of major copper producers, with the CPER copper ETF rising to $38.42, Southern Copper Corporation to $175.07, and Freeport-McMoRan to $58.79. Traders and analysts point to a combination of factors squeezing supply, including mine disruptions, lower inventories, and strong demand from sectors like construction and electric vehicles. Copper is a key industrial metal used in wiring, plumbing, and electronics, making it sensitive to economic activity. The price increase comes amid broader commodity market strength, as investors weigh the impact of monetary policy and global growth. Some experts expect copper prices to remain elevated if supply constraints persist and demand holds up. However, uncertainties remain, including potential slowdowns in major economies and the possibility of new mining projects coming online. Market participants will watch upcoming economic data and production reports for further direction.