Silver joins copper rally as AI infrastructure trade lifts industrial metals

Silver futures (SI=F) are rising alongside copper futures (HG=F), signaling investor demand for metals tied to AI infrastructure rather than traditional safe havens. Copper hit an all-time intraday high on May 12, 2026, and has gained about 55% since the March 30, 2026, stock-market low, while gold futures (GC=F) have drifted lower. The Bloomberg industrial metals index, which tracks aluminum, copper, nickel, lead and zinc, is approaching its highest level since 2022. The move suggests markets are repricing demand for materials needed in data centers, power systems, grid upgrades, cooling, backup equipment and construction. The rally follows a broader reset in risk appetite that began March 30, 2026. The PHLX Semiconductor Index (^SOX) surged nearly 70% in 29 trading days through May 11, 2026, its strongest comparable stretch since March 2000. Silver’s industrial exposure, including electronics, electrical equipment and solar, is drawing renewed attention as AI spending expands beyond chips.