Even as gold and silver amaze in 2025's commodities frenzy, Wall Street analysts say the most powerful bull market of the last half-century is quietly brewing in copper, where a deadly supply disruption has lit the fuse on a price surge that could redefine the global metals market.

When a mud rush on Sept. 8 at Freeport-McMoRan Inc. (NYSE:FCX)’s Grasberg mine in Indonesia killed seven workers and paralyzed output, the copper market began reeling from what's shaping up to be a long-term supply crisis.

Grasberg Tragedy Sets Off Global Copper Shock

The mine, the second-largest copper operation on Earth, accounted for 4% of global production in 2024. That alone is enough to shake supply chains, but analysts at 22V Research say the ripple effects are even more profound—and they're just getting started.

According to Colin Fenton at 22V, copper prices began a steady ascent ...