A powerful rally is building across industrial metals, led by copper and aluminium. After nearly two decades of under-investment and no major new mines, global copper supply is tightening just as demand from AI, data centres and clean energy surges. Analysts warn the market is moving back into deficit by 2026, after only a brief surplus. Major developments such as the Rio Tinto–Glencore talks and China’s high-priced Peru copper deals signal strong future demand. Aluminium is also facing supply limits due to China’s environmental production caps. With nickel, platinum and now aluminium joining the rally, experts say a new “Commodity Supercycle 2.0” is unfolding, where shortages and rising global demand could push metals sharply higher in the coming months.