Copper’s Comeback: April Price Rebound Showcases Resilience

March may have been a troublesome month for copper, but April seemed to show that the prior month’s sell-off might just be a thing of the past. In fact, the price of the red metal ended April at $12,911 per metric ton, gradually approaching where record highs once sat. 

Key Takeaways:

• Despite struggling in March, copper mounted a significant comeback in April. It ended the month at a spot price of $12,911 per metric ton.
• April’s comeback highlights the strong fundamentals of copper itself and the market having a clear understanding of how the Middle East conflict could affect copper prices.
• For those looking to build more exposure to copper’s price momentum, the Sprott Physical Copper Trust (SCOP) is worth considering.

Understanding copper’s price movements throughout April can help contextualize where the metal could go from here. Recently, Jacob White, CFA, Director, ETF Product Management, Sprott Asset Management, released a report examining how copper has navigated out of March’s price woes. 

The report noted that copper’s April price journey is reflective of “a market caught between two forces.” It started the month struggling, due in part to March’s sell-off and rising concerns over energy and supply chains. 

However, as the month progressed, investors became more keenly attuned to the war’s actual impact on copper fundamentals. Furthermore, White noted that potential shortages in sulfuric acid and diesel could limit copper supplies, which in turn could bolster prices.

“Beyond near-term uncertainty, long-term investor sentiment toward copper is strengthening,” White added. “The outlook is increasingly defined by the convergence of tangible physical demand, a renewed emphasis on energy security and copper’s indispensable role in electrification — all against a backdrop of persistent supply constraints. While the timing of the resolution of the Iran conflict remains uncertain, its effects are likely to endure, prompting countries to reassess energy security priorities and their exposure to global supply chains.”

Copper Fundamentals Create Opportunity for Physical Exposure

For those looking to tap into copper’s enduring fundamentals, gaining exposure to physical copper could be a fortuitous way to do so. One way to achieve this is through the use of the Sprott Physical Copper Trust (SCOP).

SCOP invests most, if not all, of its assets into high quality physical copper. This makes the fund fund a highly effective and transparent means for investors looking to amplify their exposure to the red metal, be it for the near-term or long-term. 

Speaking of long-term, the Sprott Physical Copper Trust has been providing its investors with strong results on that front. As of March 31, 2026, its NAV is up 24.20% year-to-date.