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. 

See more: Copper Tailwinds Remain Persistent, Despite Losses

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).

See more: Sprott Physical Copper Fund Makes NYSE Debut

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. 

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Disclosures

An investor should consider the investment objectives, risks, charges, and expenses carefully before investing. To obtain a Prospectus, which contains this and other information, contact your financial professional or call 888.622.1813. Read the Prospectus carefully before investing, which can also be found by clicking one of the links below.

Past performance is no guarantee of future results. One cannot invest directly in an index.

Funds that emphasize investments in small/mid-cap companies will generally experience greater price volatility. Diversification does not eliminate the risk of investment losses. ETFs are considered to have continuous liquidity because they allow an individual to trade throughout the day. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, affect the Fund’s performance.

Sprott Asset Management USA, Inc. is the Investment Adviser to the ETFs. ALPS Distributors, Inc. is the Distributor for the ETFs and is a registered broker-dealer and FINRA Member. ALPS Distributors, Inc. is not affiliated with Sprott Asset Management USA, Inc. or VettaFi.

Exchange Traded Funds (ETFs):  SETM, LITP, URNM, URN, COPP, COPJ, NIKL, SGDM, SGDJ, SLVR, GBUG, METL
Physical Bullion Funds: PHYS, PSLV, CEF, and SPPP.

Gold and precious metals are referred to with terms of art like store of value, safe haven and safe asset. These terms should not be construed to guarantee any form of investment safety. While “safe” assets like gold, Treasuries, money market funds and cash generally do not carry a high risk of loss relative to other asset classes, any asset may lose value, which may involve the complete loss of invested principal.