Stan Druckenmiller's Copper Bet Is Looking Prescient— Prices Swing As AI Demand And Tariff Fears Collide

The copper market is having one of its most turbulent months in years, and it's making billionaire investorStan Druckenmillerlook like a prophet. Copper futures are holding above $5.90 per pound this week, buoyed by supply disruptions at major mines and persistent uncertainty over potential U.S. tariffs— the exact cocktail of tight supply and surging structural demand that the billionaire macro investor laid out in a Feb. 27 conversation with Morgan Stanley.

Goldman Sachs Research has called the current situation a "speculative peak" still likely ahead, warning that tariff uncertainty is actively supporting London Metal Exchange (LME) prices as...