Copper and aluminum prices both hit record highs, international mining companies are actively integrating to compete for pricing power over strategic resources.

In the beginning of 2026, the sentiment in the non-ferrous metals market was high. Copper and aluminum, as the two most widely used basic metals in the world, saw strong price movements both domestically and internationally. In the domestic market, the main Shanghai copper contract on the Shanghai Futures Exchange reached 105,500 yuan/ton on January 7, hitting a historical high; the main Shanghai aluminum contract reached 24,915 yuan/ton on January 12, also hitting a historical high. In the international market, LME copper and aluminum, as well as COMEX copper prices, all reached historical highs. Against a backdrop of complex and changing geopolitical situations, the strategic reserve value of copper has attracted more attention. On January 9, the two major international mining giants, Rio Tinto and BHP, simultaneously issued statements announcing that the two companies had initiated merger negotiations. They have preliminarily discussed the merger of some or all operations, which may include a full-stock merger between Rio Tinto and BHP. This deal could create the world's largest mining company. It is estimated that if the Rio Tinto and BHP merger is finalized, it will create a mining giant with a market value of over $260 billion. Currently, the highest valued mining enterprise in the world is BHP, with a market value of nearly $160 billion. It is widely speculated in the industry that behind the merger of the two mining giants is their joint desire for pricing power in the copper market. In recent years, BHP has refocused its strategic priorities on the growth of its copper business, with BHP's CEO stating at the end of 2025 that the company's goal is to become the "largest copper producer in the world."