Copper price continued its strong bull run on Friday, reaching its highest point on record in Shanghai and New York. It crossed the important resistance at $14,000 a ton in China, while futures contracts jumped to $5.7 at the Comex.

This article explores some of the reasons why copper prices are in a strong bull run and the best copper stocks to buy as we head into 2026.

Why the copper price is in a strong bull run

The current phase of the copper price bull run started a few months ago when Donald Trump announced big tariffs on the metal imported to the United States.

Trump later on excluded most of the metal from levies. However, the decision will be in review in the coming year, meaning that the prices may keep going up towards that decision.

Most importantly, copper has jumped in the past few months because of the supply and demand dynamics. Analysts anticipate that the industry will remain in a supply deficit as demand continues soaring. 

Copper demand has jumped because of the ongoing electrification trend as energy needs rise. Most of this energy demand is coming from electric vehicles and data centers. 

The ongoing copper price surge is also because of the metal supercycle, with items like silver, gold, platinum, and palladium rising by double digits.

Best copper stocks to buy in 2026

The rising copper price will benefit companies in the industry that will experience higher demand. Some of these copper stocks to buy are Freeport-McMoRan, BHP Group, Glencore, Southern Copper, and Rio Tinto.

Freeport-McMoRan (FCX)

Freeport-McMoRan is one of the best copper stocks to buy if the prices continue their bull run. It is a nearly pure-play copper mining company with a market capitalization of over $75 billion. It has operations in the United States, Peru, and Indonesia.

FCX’s business has been growing in the past few years, with the annual revenue soaring from $14.6 billion in 2015 to over $26 billion in the trailing twelve months (TTM). It has also become a highly profitable company, with its TTM moving to over $2 billion. 

This growth will likely accelerate in the coming months as copper prices jump and gain momentum. 

Southern Copper (SO)

Southern Copper is another top copper stock to buy. It is a large company producing over 1 million metric tons of copper in mines in Peru and Mexico.

Like FCX, Southern Copper’s business has grown in the last decade, with its revenue rising from $17.48 billion in 2015 to $26.9 billion in the TTM and its profit jumping to over $4.2 billion.

The Southern Copper stock price has dropped by ~13% from its highest point this year as the company announced a plan to raise equity. It also dropped as its earnings came short of expectations.

Therefore, the most likely scenario is where the SO stock price rebounds and possibly hits the year-to-date high in the coming months. 

BHP Group (BHP)

BHP Group, the biggest mining company globally, is another good copper stock to buy and hold. It produces over 1.86 million metric tons of copper in areas like Chile and Australia. 

BHP stock price has jumped by 23% in the last 23% in the previous 12 12 months, and the rebound may continue. In addition to being a major player in the copper industry, the company also mines iron ore and coal.

There are other key copper stocks to watch. For example, Anglo American is a good buy as it seeks to buy Teck Resources. Other potential names to consider are Antofagasta, Hudbay Minerals, and Rio Tinto.

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The Herbalife stock price staged a strong bullish breakout this year, moving from a low of $5 in March to the current $14, pushing its market capitalization to over $1.4 billion. So, will the HLF share price continue its strong rebound in the coming year?

Herbalife stock price gains steam amid its resilient growth 

Herbalife is a top company in the health and wellness industries, focusing mostly on direct selling in the United States and other countries.

The company’s business, which has always been highly controversial, has done relatively well in the past few months as demand for its products has continued rising.

Its most recent results showed that its North American business returned to growth for the first time since the second quarter of 2021, a sign of resilient demand. It also jumped as the number of distributors in its network jumped in most of its regions.

The crucial Latin American business continued to thrive, with its sales rising by 11% to $229 million. Its EMEA and Asia Pacific businesses grew by 2% and 3%, respectively.

The revenue rose by 2.7% in the quarter to $1.3 billion, while the closely-watched earnings before interest, tax, depreciation, and amortization rose to $163 million.

Meanwhile, the company continued to improve its balance sheet by repaying the $147 million in outstanding notes and then reduced the total leverage ratio to 2.8x.

Analysts are optimistic about the company’s turnaround

Wall Street analysts are optimistic that the company’s revenue growth will continue in the coming weeks. The average estimate among the three analysts tracking the company is that its revenue will be $1.25 billion this quarter, up by 3.38% from what it made last year.

Its annual revenue estimate is a modest 0.20% increase to $5 billion, followed by $5.12 billion in the coming year. They also expect that its earnings-per-share will move to $2.15 this year and $2.75 in the coming year.

There are also signs that the company has become highly undervalued as its forward price-to-earnings ratio has moved to 7.6, much lower than the sector median of 18.8 and its five-year average of 9.

Similarly, the company’s forward EV-to-EBITDA multiple of 5.43 is also much lower than the sector median of 10.3, also much lower than its historical averages. 

The Herbalife stock price has also jumped as investors bet on its turnaround strategy, which includes more product launches, digital transformation, including the Pro2col app rollout to nearly 8,000 distributors, margin optimization, and debt reduction.

Herbalife share price technical analysis

The weekly chart shows that the HLF stock price has rebounded in the past few months as the company’s turnaround continued. It has already moved above the 50-week and 100-week Exponential Moving Averages (EMA).

The stock is also nearing the 23.6% Fibonacci Retracement level at $18. It also formed an inverse head-and-shoulders pattern, while the Relative Strength Index (RSI) and the Stochastic Oscillator have all pointed upwards.

Therefore, the most likely scenario is where the HLF stock will continue rising as bulls target the 23.6% retracement level at $18. This price target is about 25% above the current level. 

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The QuantumScape stock price has suffered a harsh reversal in the past few days as it plunged by ~40% from its highest point this year. It was trading at $11.20, down from the year-to-date high of $19. 

Still, the QS stock is up by 115% this year, bringing its market capitalization to over $6.7 billion. So, is this a good stock to buy in 2026 as the short interest hits 10%?

Why QuantumScape stock price jumped

The QS stock price jumped this year after the company announced a new approach to manufacturing its solid-state batteries. Cobra, its new advanced ceramic separator, is a high-throughput, continuous-flow separator production technology. 

Its hope is that the new approach will help it to manufacture batteries faster and at a lower cost. That’s because the traditional approach to making these batteries was slow and highly capital-intensive. 

Most recently, the QS stock price jumped as the company announced a joint development agreement with another company, which it noted was a global top-ten company. It had previously signed another deal with a top manufacturer. 

Additionally, the company conducted its demonstration with Volkswagen, by having its battery on Ducati V21L. It also announced a big deal with Corning.

The company is also moving forward with its commercialization efforts, with analysts predicting that it is nearing the end of its elevated cash burn.

The most recent results showed that the company’s loss from operations improved to $114.9 million in the third quarter from $130 million in the same period last year. The total net loss also improved from $119 million to $105 million as the company made $12 million in billings.

Is QS stock a good buy in 2026?

The coming year will be an important one for QuantumScape as the company makes progress towards commercialization. Analysts anticipate that the company will also continue to narrow its losses during the year.

The average estimate among analysts is that QuantumScape’s fourth-quarter earnings per share (EPS) will move from 22 cents in 2024 to 17 cents. This improvement will bring its annual loss per share to 72 cents from the previous 89 cents. It will then move downwards to 66 cents next year.

However, QuantumScape faces some major risks. First, there are signs that more people are shorting the company, with the short interest rising to 10%.

Second, there are concerns about the EV industry, with many automakers changing their tune. Volkswagen has taken more measures to pivot its business back to ICE vehicles in the past few months, a move that EU regulators have started to embrace. 

QuantumScape has a large relationship with VW, its core client. Other automakers have also largely abandoned their flashy EV goals that they made a few years ago.

Finally, while the cash burn will drop, the company’s outstanding shares will likely continue. Its shares have jumped to 558 million today, up from 233 million in 2021.

QS stock price technical analysis 

The daily chart shows that the QS stock price has dropped in the past few months. It has dropped from a high of $19 to the current $11.18, which is along the 50% Fibonacci Retracement level.

The stock has also moved below the 50-day and 100-day Exponential Moving Averages (EMA). The two averages are about to cross each other, which will be a bearish sign. It has also formsed a head-and-shoulders pattern.

Therefore, the stock will likely continue falling in the coming year, with the next key target being the 61.8% Fibonacci Retracement level at $9.40.

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The Russian ruble has had a great performance this year, even as crude oil and natural gas plunged. The USD/RUB exchange rate was trading at 77.20, down by 35% from its highest point in November last year.

Why the Russian ruble soared

The Russian ruble soared after Donald Trump’s election in 2024 as investors remained hopeful that he would negotiate a deal to end the war in Ukraine. 

While the war is still going on, the three sides have continued their negotiations, and odds of a ceasefire by the end of 2026 have jumped to 46% on Polymarket. 

Any deal will have a provision to remove the sanctions that the United States has on Russia, a move that will benefit the economy. 

The USD/RUB has also plunged because of the actions by the Russian Central Bank, which has maintained higher interest rates than other countries, creating a good carry trade opportunity.

The bank slashed rates to 16% in the last meeting as inflation softened to 5.8%. As such, it has become common for forex traders to borrow cheap US dollars and invest in the high-yielding ruble.

The main challenge, however, is that investing in Russian assets has become difficult in the past few years because of the sanctions. This difficulty could be eased once sanctions end. 

The Russian ruble has also jumped because of the lack of demand for foreign currency in Russia because of the sanctions. 

Additionally, the central bank has continued to sell foreign currency through its yuan and gold sales to replace lost energy revenues. Recent data show that oil and gas revenue in Russia dropped by over 20% in the first 11 months of the year.

US dollar decline

The USD/RUB exchange rate decline was also due to the US dollar decline. After peaking at $110 in January, the US dollar index tumbled to $96 before stabilizing at $100. 

There are chances that the US dollar index will continue with its downward trend in the coming months. For one, the bank has hinted that it will cut interest rates once in 2026, continuing a cycle that started a few months ago.

The rate cuts will likely be more as Donald Trump has hinted that he will only appoint a Fed official ready to cut rates. An aggressively dovish Fed will be bearish for the US dollar. 

USD/RUB technical analysis

The daily chart shows that the USD/RUB exchange rate has come under pressure in the past few months. It plunged from the double-top point at 113.75 to the current 77.20. 

Most recently, the pair moved from a high of 85.91 to the current 77.20. It has remained below the 50-day and 100-day Exponential Moving Averages.

The pair also formed a small double-top pattern at 80.65. Therefore, the most likely scenario is where the pair continue falling as sellers target the year-to-date low of 74. This retreat will accelerate as investors anticipate the deal between Ukraine and Russia.

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The South Korean won staged a strong comeback against the US dollar, soaring to its highest point since November 4. The USD/KRW exchange rate was trading at 1,430, down by 3.65% from its highest point this year. It remains 6.70% up from its lowest point this year.

Why the South Korean won jumped

The South Korean won has soared this week as the central bank officials vowed to act forcefully to boost its value. This statement came after a meeting between central bank’s officials and the Ministry of Finance to deliberate about the currency. 

The ministry has also announced some new tax measures to boost the currency. Similarly, the National Pension Service has likely started the strategic currency hedging measures to boost the currency’s performance. In a recent statement, a Bloomberg analyst said:

“Given thinner-than-usual markets around this time of year, leaving USD/KRW unchecked to drift higher would set up the risk of a volatile start to January. That is now looking less likely with traders trimming short won positions.”

South Korean officials have been forced to act forcefully as the USD/KRW neared the psychological level of 1,500. The last time it moved to that level was in the Asian currency crisis in 1997.

A weaker won has an impact on the South Korean economy. On the positive side, the country benefits as a weaker currency as it boosts its top exports like smartphones, computers, chips, and vehicles.

However, the weakening currency risks importing inflation in the country. It also risks accelerating capital outflows.

South Korea has the ability to artificially support the currency. For one, the country has over $430 billion foreign reserves, which it can deploy to support the economy. 

Fed and South Korea central bank actions

The USD/KRW exchange rate also reacted to actions of the Federal Reserve and the Bank of Korea. 

The Bank of Korea was highly cautious this year as it slashed rates to 2.5%. This caution is mostly because of the rising concerns about the country’s inflation.

On the other hand, the Federal Reserve has maintained a dovish tone in the past few months. It has slashed interest rates to between 3.50% and 3.75%. 

Officials have hinted to one more cut in 2026, a move that most analysts don’t believe, as Polymarket odds for more cuts have jumped to over 60%.

USD/KRW technical analysis 

The daily chart shows that the USD/KRW exchange rate has pulled back in the past few days. This retreat happened after it moved to a high of 1,483, a few points below the key resistance level at 1,486, its highest point in December last year and April this year. 

The pair also retreated after forming a rising wedge pattern, a popular bearish sign. It has also moved below the 50-day moving average. 

However, there are signs that it has formed a morning star candlestick, which may lead to a bullish reversal in the near term. If this happens, it may rebound to the key resistance at 1,460.

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The USD/JPY exchange rate pulled back after the latest macro data from Japan. It was trading at 156.25, down from this month’s high of 157.83. It has also formed the risky double-top pattern, pointing to more downside in the coming days.

Weak Japanese data raises doubts for BoJ rate hikes

The USD/JPY exchange rate was in a tight range after Japan published mixed macro data on Friday.

A report by the statistics agency showed that the unemployment rate remained at 2.6%, while the jobs/applications ratio was unchanged at 1.18.

Another report showed that the Tokyo headline Consumer Price Index (CPI) dropped from 2.7% in November to 2.0% this month.

The core consumer inflation, which excludes the volatile food and energy prices, moved from 2.8% to 2.3%, moving closer to the BoJ’s target of 2.0%.

More data showed that the country’s retail sales dropped from 1.6% in October to 0.6% in November, a sign that demand is falling.

At the same time, the country’s industrial production dropped to minus 2.6% in November after expanding by 1.6% in the previous month.

Therefore, there are signs that Japan’s economy is moderating, a move that may limit the central bank’s hawkish tone.

These numbers came a week after the BoJ delivered its final interest rate decision of the year. It hiked interest rates by 0.25% to a three-decade high of 0.75% and hinted that it will deliver more hikes in 2026 if the economic growth accelerates.

Traders still believe that the bank will deliver either one or two more hikes in 2026 if inflation continues rising because of the recently announced stimulus package.

Federal Reserve interest rate cuts in 2026

Meanwhile, the Federal Reserve delivered the third interest rate cut in its December meeting. It moved the benchmark rate to between 3.50% and 3.75%. 

A Polymarket poll with over $1.2 million in assets, has more traders betting than the bank will deliver two cuts in 2026. 19% of the users expect the bank to cut rates three times, while 16% see four cuts.

The main reason to predict more cuts is that Donald Trump has pledged to appoint a Fed Chair who will be more comfortable delivering more cuts.

However, the new Fed Chair will face the challenge of convincing more officials to cut rates, especially now that the recent US GDP data showed that the economy was doing well. The report showed that the economy expanded by 4.3% in the third quarter, much higher than what analysts were expecting.

Fed officials have started to deviate from the Federal Reserve officials. For example, two officials voted for leaving interest rates unchanged in the last meeting, while one voted for a 0.50% cut.

USD/JPY forecast: technical analysis 

USD/JPY  chart by TradingView 

The daily timeframe chart shows that the USD/JPY exchange rate has pulled back in the past few days, moving from the year-to-date high of 157.83 to the current 156.28.

It has formed a double-top pattern whose neckline is at 154.42. Also, the Relative Strength Index and the Percentage Price Oscillator have formed a bearish divergence pattern.

Therefore, the pair will likely continue falling, with the next key support level to watch being the neckline at 154.42. More downside will be confirmed if it moves below the 50-day moving average at 154.60.

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The DAX Index had a strong performance in 2025 as it jumped by 22%, which mirrored the growth of other global indices like the S&P 500 and the Dow Jones indices. It was trading at €24,340, up by 32% from its lowest level in April.

However, the index has remained in a narrow range of between €23,030 and €24,665 since May this year. This article looks at the best and worst-performing companies in the index this year.

Rheinmetall’s stock price soared amid demand sure

Rheinmetall, the biggest defense contractor in Germany, was the best-performing company in the German DAX Index as it jumped by ~150%. 

The company’s business has continued doing well as Germany and other European countries have boosted their defense spending. Indeed, Donald Trump has pressured NATO members to boost their spending to 5% of the GDP, a move that will benefit the bloc’s defence contractors.

Rheinmetall’s revenue jumped by 20% in the third quarter to €75 billion, with its backlog soaring to over 64 billion euros. Therefore, the stock surge is mostly because analysts expect that the company will become a major challenger to its American rivals like RTX and Lockheed Martin.

Siemens Energy stock soared amid power demand 

Siemens Energy share price jumped by 140% this year, making it one of the best-performing companies in the DAX Index. It has now jumped by over 333% in the last three years, marking a strong turnaround for a company that was about to collapse a few years ago.

Siemens Energy’s stock price mirrored the performance of GE Vernova, its biggest rival in the energy equipment industry. The companies are benefiting from the ongoing energy demand because of the ongoing artificial intelligence boom.

This boom has led to more demand, with its annual revenue soaring by 17% to over €59 billion. Most notably, Siemens Gamesa, its wind business, returned to growth, with its revenue rising by 30% to €9.32 billion.

Commerzbank shares jumped amid acquisition hopes

Commerzbank stock price jumped by 126% this year for two main reasons. First, the rally mirrored the performance of other European banks like Lloyds, Société Générale, and Deutsche Bank. Indeed, Deutsche Bank stock jumped by 100% and was the fourth best performer.

Second, the stock did well, and hopes remained that Commerzbank will make a bid for the company, potentially in the coming year. An acquisition would help to boost the performance of the stock as the company will need to pay a premium.

Bayer stock jumped as its crop science division improved

Bayer was the fifth-best performing company in the DAX Index as it jumped by 86% this year. This surge happened as the embattled company published several encouraging financial results, helped by its pharmaceutical and crop science businesses. 

These numbers helped to boost its forward guidance, with its revenue expected to be between €46 billion and €48 billion.

Most recently, the company said that its crop science business strengthened, which helped it to offset the performance of its consumer business.

The other top gainers in the DAX Index were companies like RWE, Fresenius, Deutsche Post, Continental, and Allianz.

On the other hand, the top laggards in the index were companies like Symrise, Adidas, Beiersdorf, Zalando, and Vonovia.

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The Strategy stock price continued its freefall this month and is now hovering at its lowest level since September last year. MSTR stock has plunged by over 70% from its highest level in 2024, even as the S&P 500 and the Nasdaq 100 indices jumped to a record high.

Strategy enterprise NAV is about to turn negative 

The ongoing MSTR stock price has put it at a significant risk that its enterprise value net asset value (mNAV) will turn negative as soon as this month.

This figure is calculated by first finding the company’s enterprise value, which is done by adding its market capitalization with its total debt, preferred equity, and minority interest, and then subtracting it from the cash in its balance sheet.

In this case, the company has a market capitalization of $45 billion, which is much lower than the amount of Bitcoin in its balance sheet. Its enterprise value is $59 billion, which is a few points above its Bitcoin holdings of $58.2 billion. 

Therefore, there is a possibility that its Bitcoin holdings will become more than the company’s enterprise value. In theory, such a move would lower its valuation metric; it would also remove the main case for investing in the company.

Historically, investors allocated money in Strategy because of its premium to its Bitcoin holdings. These investors were even comfortable with its dilution. 

The falling mNAV multiple means that the company may struggle to raise additional cash to buy Bitcoin. Indeed, in July this year, the management issued guidance in which it pledged not to issue stock if the mNAV drops below 2.5x. It then changed the policy after that and has gone ahead to issue shares worth billions of dollars. 

MSTR has become a highly dilutive company, a process that will continue as it has over $12 billion remaining in its at-the-market (ATM) offerings.

Data compiled by TradingView shows that its outstanding shares have jumped to 267 million from 77 million in 2021. 

MSTR stock price technicals point to more downside

The daily timeframe chart shows that the Strategy’s share price has been in a strong bearish trend in the past few months. It has tumbled from a high of $455 in July to $157 today. The stock has already plunged below the 200-day and 50-day moving averages. 

It has also moved below the support at $230, its lowest level in March, and the neckline of the double-top pattern at $455. The Relative Strength Index (RSI) and other oscillators have continued falling.

Therefore, the most likely MSTR stock price forecast is bearish, with the next key target being the 78.6% retracement level at $125. 

Bitcoin price technical analysis 

The daily chart shows that the BTC price has crashed from a high of $126,200 in October to the current $86,787. It has aready formed a death cross pattern as the 50-day and 200-day moving averages crossed each other.

The coin has formed a bearish pennant pattern, which is made up of two parts: a vertical line and a symmetrical triangle pattern. Therefore, Bitcoin price will likely continue falling, potentially to the support at $80,000. 

A Bitcoin price crash will likely lead to more downside for MSTR stock in the near term. In the long-term, however, the stock will likely rebound as Bitcoin starts its climb.

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Ferrari stock price has had a difficult year, falling from a high of $516 in July to the current $375, a move that has erased its market capitalization from the year-to-date high of $136 billion to the current $90 billion. 

Ferrari stock price dropped amid concerns about the company

Ferrari, the iconic Italian supercar company, has come under pressure in the past few months as investors have questioned its strategy to launch an electric vehicle in 2026.

This launch comes as companies that launched their EVs to compete with Tesla have paid dearly in the past few months. For example, in a recent statement, Ford, a top American company, was forced to take a $20 billion charge. 

Similarly, Porsche, a top German luxury carmaker, has become one of the top laggards in the past few months as it was forced to largely abandon its EV strategy. Other companies like General Motors and Stellantis have had to scale back their EV ambitions.

Ferrari itself has reduced its ambitions in the EV industry, aiming to make 20% of its models fully electric by 2030. Before that, the company aimed to make 40% of its vehicles being electric. 

Ferrari also aims to have 40% of its vehicles to be full internal combustion engine (ICE) and the rest to be hybrids. 

While this strategy seems balanced, there are concerns that the EV aspect will not work out. It is still unclear whether the EV will have any demand.

Forward guidance and valuation

Ferrari stock price also crashed because of the company issued a mild forward guidance in terms of profitability. It expect to make an adjusted profit margin of 30%. While impressive, it means that its profit will be much lower than expected.

Additionally, the company had one of its worst performances in Formula 1, where it boosted its spending by bringing Lewis Hamilton in. 

While the numbers are not public, estimates are that he is earning between $60 million and $70 million a year, much higher than the $12 million it used to pay Carlos Sainz.

There have been concerns about the company’s premium valuation, with its price-to-earnings (PE) ratio peaking at 59, a figure that has dropped to 35. This metric is much higher than that of the automakers, which is understandable because of its premium vehicles.

However, the company’s modest revenue and profitability growth means that it has become highly overvalued.

The most recent results showed that the company’s revenue rose to €1.8 billion in the third quarter, with its adjusted EBIT of over €500 million. 

Data compiled by Yahoo Finance shows that analysts expect its revenue to be €1.76 billion, bringing the annual figure to €7.1 billion, up by 6.67%. It will then make €7.59 billion in 2026, a figure that will likely be higher than expected.

Ferrari share price technical analysis 

The weekly chart shows that the RACE stock price has pulled back in the past few weeks. It has dropped from a high of $517 to the current $375. 

The stock has formed a triple-top pattern and a neckline at $388, its lowest point in April this year. It also moved below the 38.2% Fibonacci Retracement level and the 50-week Exponential Moving Average. 

Therefore, the stock will likely continue falling as sellers target the 50% retracement at $340. It will then rebound in the coming months as investors buy the dip. Besides, the company has become relatively undervalued during the ongoing crash.

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