By: Editorial Team, StoneX Media
Copper and other critical minerals are increasingly being viewed through the lens of national security rather than purely industrial demand. Geopolitical tensions, supply chain disruptions and shifting trade policies are encouraging governments to prioritize long-term resource security alongside economic competitiveness. While global manufacturing activity remains subdued, competition to secure strategic mineral supply continues to intensify. This divergence is reshaping how markets value critical metals and the risks investors must now consider.
Natalie Scott-Gray, StoneX Senior Metals Analyst, has spent years analyzing global base metal markets and the interaction between macroeconomics, physical supply chains and investor behavior. Her market framework uniquely combines geopolitical developments, policy changes and fundamental analysis to explain why critical minerals are increasingly behaving as strategic assets instead of conventional industrial commodities.
Copper is now being valued for its strategic importance rather than simply its role in industrial production. Natalie Scott-Gray notes that "the view on strategic and critical minerals is becoming more and more important", highlighting how government policy is reinforcing long-term demand expectations. Countries are beginning to compete for secure access to critical mineral supply through stockpiling initiatives, industrial partnerships and trade agreements. As resource security becomes a policy objective, copper markets may experience price support even during periods of softer economic growth.
Strategic stockpiling is emerging as a structural force that could permanently reshape physical metal markets. Scott-Gray explains that "China has long been building up reserves" while countries including Australia and the United States are expanding similar programmes, adding that "more readily available material... will be reduced". As a result, exchange inventories may become less representative of true market availability as governments and industrial consumers increasingly compete for long-term supply. This trend could amplify price volatility whenever new geopolitical risks emerge or supply disruptions occur.
Access live prices, supply and demand data, and actionable market commentary focused on the Metals sector. Sign up for StoneX Market Intelligence today and see how our Metals insights can elevate your strategy.
Sign up for a Market Intelligence trial today
--- Written by Frédéric Guetin, StoneX TV Producer
--- Expert: Natalie Scott-Gray, StoneX Senior Metals Analyst
The subsidiaries of StoneX Group Inc. provide financial products and services, including, but not limited to, physical commodities, securities, clearing, global payments, risk management, asset management, foreign exchange, and exchange-traded and over-the-counter derivatives. These financial products and services are offered in accordance with the applicable laws in the jurisdictions in which they are provided and are subject to specific terms, conditions, and restrictions contained in the terms of business applicable to each such offering. Not all products and services are available in all countries. The products and services offered by the StoneX Group of companies involve risk of loss and may not be suitable for all investors. Full Disclaimer. This content is not intended for residents of any particular country, and the information herein is not advice nor a recommendation to trade nor does it constitute an offer or solicitation to buy or sell any financial product or service, by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Please refer to the Regulatory Disclosure section for entity-specific disclosures. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc. The information herein is provided for informational purposes only. This information is provided on an ‘as-is’ basis and may contain statements and opinions of the StoneX Group of companies as well as excerpts and/or information from public sources and third parties and no warranty, whether express or implied, is given as to its completeness or accuracy. Each company within the StoneX Group of companies (on its own behalf and on behalf of its directors, employees and agents) disclaims any and all liability as well as any third-party claim that may arise from the accuracy and/or completeness of the information detailed herein, as well as the use of or reliance on this information by the recipient, any member of its group or any third party.
© 2026 StoneX Group Inc. all rights reserved.
Our subscribers have access to comprehensive market analysis from StoneX spanning commodities, equities, currencies and more.
Governments are increasingly treating copper and other critical minerals as strategic assets rather than ordinary commodities. As geopolitical tensions, supply chain disruptions and industrial policy converge, competition for secure long-term access to these materials is becoming a defining feature of global markets.
Tomorrow could mark a highly pivotal date in the copper calendar, with 30th June the deadline for US Commerce Secretary Howard Lunitck to provide the US President with an update on the refined copper market and domestic refining capacity.
Base Metal Quarterly Outlook: Q3 2026
Our market expertise, advanced platforms, global reach, culture of full transparency and commitment to our clients’ success all set us apart in the financial marketplace.
Reach
With access to 40+ derivatives exchanges, 180+ foreign exchange markets, nearly every global securities marketplace and numerous bi-lateral liquidity venues, StoneX’s digital network and deep relationships can take clients anywhere they want to go.
Transparency
As a publicly traded company meeting the highest standards of regulatory compliance in the markets we serve, our financials and record of accomplishment are matters of public record. StoneX’s commitment to “doing the right thing over the easy thing” sets us apart in the industry and helps us build respect, client trust and new partnerships.
Expertise
From our proprietary Market Intelligence platform, to “boots on the ground” expertise from award-winning traders and professionals, we connect our clients directly to actionable insights they can use to make more informed decisions and achieve their goals in the global markets.
