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Key drivers of the rally

Several factors are driving this price action. The boom in artificial intelligence infrastructure, particularly hyperscale data centres, has created unprecedented demand for copper in power distribution and cooling systems. The global push toward electrification and renewable energy integration has intensified the need for copper in grid modernisation projects. Supply constraints are also playing a role, with declining ore grades and disruptions at major mines tightening availability. Geopolitical tensions, including trade tariffs and defence procurement, have added further volatility to the market. Additionally, speculative buying by investors anticipating long-term shortages has amplified the rally, while currency fluctuations—especially a weaker U.S. dollar—have made copper more attractive to international buyers.

Supply-demand imbalances

The current supply-demand scenario points to a deficit, with global refined copper shortfalls estimated at 330,000–400,000 tonnes in 2026. Smelting bottlenecks, particularly in China, have capped refined output, while regional imbalances have led to acute shortages and price premiums in certain markets. Recycling has provided some relief, but the secondary supply remains insufficient to bridge the gap. Moreover, delays in new mining projects due to environmental clearances and financing challenges have worsened the imbalance. However, unless significant investment flows into exploration and production, the deficit could widen further in the coming years.

Geopolitical pressures on copper

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Geopolitical factors are amplifying these pressures. Elevated defence spending has increased copper demand for weapons systems and vehicles, while U.S. tariffs and stockpiling programs have removed large volumes from the open market. Ongoing tensions in West Asia have sustained military-driven demand, though the easing of conflicts could reduce defence consumption while stabilising supply chains. Sanctions on certain producing nations have also disrupted trade flows, while logistical bottlenecks in shipping lanes have added to costs. The broader geopolitical climate has made copper not just an industrial commodity but also a strategic resource, with governments increasingly treating it as critical to national security.

China’s central role and global industrial demand

China remains pivotal to copper’s outlook, with smelter production caps limiting supply even as demand surges from renewable energy expansion, electric vehicles, and Belt and Road infrastructure projects. Strategic reserve policies, including stockpiling and releases, further sway global sentiment. Beyond China, industrial demand is equally strong. AI data centres are projected to consume nearly 475,000 tonnes in 2026, while electrification and grid modernisation in Western nations sustain elevated usage. Electric vehicles require up to four times more copper than conventional cars, amplifying automotive demand. Renewable energy projects, particularly wind and solar farms, add significant copper intensity, while construction in emerging economies and smart city initiatives ensure that industrial consumption remains robust worldwide.

Impact of West Asian tensions easing

If West Asian tensions ease, copper demand linked to defence procurement may decline, but this would likely be offset by improved supply chain stability and stronger industrial consumption. Peace in the region could reduce shipping risks and lower insurance costs, making the copper trade smoother and cheaper. It may also encourage investment in infrastructure and energy projects, which would sustain demand from civilian sectors. Thus, while military demand may soften, industrial and developmental demand could rise, keeping overall consumption elevated.

Outlook remains positive for the long term

Copper’s trajectory carries significant macroeconomic weight, as rising prices elevate input costs across manufacturing, housing, automotive, and technology sectors, ultimately feeding into global inflationary pressures and challenging monetary policy. Emerging markets, where copper is vital for infrastructure, face added fiscal strain as budgets stretch and projects risk delay. In the near term, prices are expected to consolidate around $12,700–$13,000, with volatility shaped by geopolitical developments and speculative trading. However, the long-term outlook remains structurally bullish. Demand from AI infrastructure, electric vehicles, renewable energy, and global electrification initiatives is poised to sustain elevated prices. Despite inevitable corrections, copper has cemented its role as the decade’s most critical industrial metal.

(The author is Head of Commodity Research, Geojit Investments Limited)

On Friday, FIIs sold domestic shares to the tune of Rs 8,827.87 crore while domestic institutional investors (DIIs) were net buyers at Rs 4,700.71 crore.

The massive selling ensured domestic frontline indices ended with sharp cuts. The biggest spoilsport was IT, which fell over 5% at the index level. Pharma, health and energy socks were other big losers. While the 50-stock Nifty fell 275.10 points or 1.14% to finish at 23,897.95, Sensex declined 999.79 points or 1.29% to settle at 76,664.21.

FIIs continue to offload Indian equities with the month-to-date selling trend continuing for the 10th consecutive months, said Bajaj Broking in a note as geo-politics dominate institutional flows. Going ahead, the institutional activity is expected to be driven mainly by global news flows, with developments in US–Iran negotiations remaining a key monitorable, a brokerage note said.

“US FOMC and Bank of Japan rate decisions followed by central bank commentary are also scheduled for next week which will also have an impact on the global equity market and institutional activity,” it added.

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The rate setting committee of the US Federal Reserve will meet on April 28 & 29 to mull on the policy moves in light of the ongoing US-Iran war. The policy outcomes will be declared on Wednesday, April 29.
FIIs have remained net sellers in Indian markets despite improving global cues, with over $45 billion pulled out since September 2024 and another $5 billion sold in April 2026 alone, even as flows moved to markets like Korea and Taiwan, N. ArunaGiri, CEO, TrustLine Holdings said, adding the divergence highlights India’s reduced appeal in global allocation strategies, as its MSCI weight has dropped sharply.“FIIs are predominantly large-cap, top-down investors,” and their participation hinges on clear sectoral leadership—something currently lacking with IT facing derating and private banks showing muted growth, ArunaGiri explained.

He adds that “in the absence of a clear index driver, India’s relative attractiveness diminishes,” especially in a market expected to remain sideways and stock-specific, which typically favours domestic investors over global flows. From an FII standpoint, a meaningful return will likely depend on two key triggers – “a clear earnings acceleration cycle” and “supportive currency trends” – he added.

FIIs in 2026

War-induced sell-off in March made it the worst month this year, witnessing an exodus worth Rs 1,17,775 crore. Foreign investors turned net buyers in February, buying shares worth Rs 22,615 crore in the domestic markets so far. In January, they sold Rs 35,962 crore worth of shares.

In 2025, the FIIs buying trends remained patchy, but the overall trend was bearish. They took Rs 1,66,286 crore from Indian markets as trade deal delay and premium valuations weighed on the sentiments.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

In the past 24 hours, Bitcoin saw a marginal decline of 0.3% whereas Ethereum was up 0.25%. Among the major altcoins, XRP, BNB, Solana, Dogecoin, Hyperliquid, and Cardano gained upto 1.5% whereas Tron slipped 1.3%.

Also Read | Have Rs 4 lakh to invest? Here’s how to balance mutual fund SIP and lumpsum

The global crypto market capitalisation edged down 0.08% to $2.59 trillion, according to CoinMarketCap.

Riya Sehgal, Research Analyst, Delta Exchange said Bitcoin remains on track for its strongest monthly performance in a year, even as short-term momentum cools. Adding to this, Bitcoin dominance has climbed to 60.6% in late April, after ranging between 58–60% through Q1 2026, highlighting continued capital concentration into Bitcoin.

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Sehgal further said that technically, Bitcoin maintains a higher high-higher low structure on the 4-hour chart, holding above key demand zones, indicating underlying strength if support sustains. Ethereum, however, is relatively weaker, trading in a tighter range with short-term lower highs, reflecting cautious sentiment.
In the past week, Bitcoin was up 0.5% and Ethereum slipped 4%. Among the major altcoins, XRP, BNB, Solana, Dogecoin, Hyperliquid, Tron and Cardano fell up to 8.8%.
WazirX Market’s Desk said Bitcoin is currently trading around $77,825, consolidating near recent highs after a strong upward move earlier in the week. Ethereum is hovering near $2,300, remaining sensitive to broader risk conditions.
Also Read | Mutual fund SIP investments underperforming? Here’s why investors should stay invested despite short-term losses

“On the macro front, tensions in the Middle East, particularly around the Strait of Hormuz, have pushed oil prices above $100, raising fresh inflation concerns. Alongside uncertainty about US monetary policy and developments in Federal Reserve leadership, traditional markets have faced pressure, while crypto has held relatively steady. This divergence continues to support Bitcoin’s positioning as an alternative macro asset.”

Overall, Bitcoin’s dominance remains elevated at 58–60%, reinforcing that capital remains concentrated in major assets amid ongoing macro and regulatory uncertainty, said WazirX Market’s Desk.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Q1: 2026-04-23 Earnings Summary

EPS of $0.75 beats by $0.44

 | Revenue of $9.69B (2.46% Y/Y) beats by $972.25M

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LOS ANGELES — Jada Pinkett Smith is asking a California judge to order Will Smith’s former friend Bilaal Salaam to pay nearly $49,000 in attorney fees after successfully getting portions of his $3 million emotional distress lawsuit against her dismissed, according to court documents filed this week.

The 54-year-old actress and Red Table Talk co-host filed the motion for fees following a partial victory in the high-profile civil case that stems from a long-simmering fallout involving Smith’s inner circle. Salaam, who has described himself as a longtime friend and associate of the Oscar winner, originally sued Pinkett Smith in late 2025, alleging she caused him severe emotional distress through threats and interference related to a planned memoir.

Court records reviewed by multiple outlets show Salaam claimed Pinkett Smith warned him he would “catch a bullet” if he continued sharing personal family details. The suit sought $3 million in damages and accused her of orchestrating a campaign that damaged his reputation and mental health. Pinkett Smith has strongly denied the allegations, calling them baseless and arguing that Salaam failed to provide sufficient evidence to support his claims.

In recent months, a judge tossed key portions of Salaam’s complaint, prompting Pinkett Smith’s legal team to seek reimbursement for defense costs. The filing requests approximately $48,975 to cover attorney fees incurred while fighting the now-partially dismissed claims. Legal experts note that such fee-shifting motions are common when defendants prevail on anti-SLAPP or demurrer motions aimed at weeding out meritless litigation.

The dispute highlights ongoing tensions in the Smith family’s extended circle. Salaam had positioned himself as a trusted confidant who worked on projects tied to Will Smith’s life story. The lawsuit emerged amid heightened public scrutiny of the Smiths following Jada’s candid 2023 memoir “Worthy” and various Red Table Talk revelations that reportedly strained relationships with some longtime associates.

Pinkett Smith’s attorneys argue the remaining claims should also be dismissed and that Salaam should bear the financial burden of what they describe as a frivolous action. The motion emphasizes the time and resources spent defending against accusations that lacked substantiation, particularly claims involving alleged threats and professional sabotage.

Representatives for Pinkett Smith and Will Smith have not issued public comments on the latest filing. Salaam’s legal team has also remained silent on the fee request as the case continues to wind through Los Angeles Superior Court. A hearing date for the motion has not yet been set.

The development adds another chapter to the high-profile legal and personal dramas surrounding one of Hollywood’s most watched couples. Will Smith has largely stayed out of the public eye in recent months following his own career reflections and family-focused projects, while Jada has continued selective media appearances and brand work.

Legal observers say fee recovery motions like this one serve dual purposes: recouping costs for the prevailing party and deterring similar lawsuits in the future. In California, prevailing defendants in certain defamation or emotional distress cases can seek fees under statutes designed to protect free speech and discourage strategic litigation.

The original lawsuit gained significant media attention when details emerged about alleged hotel confrontations and warnings tied to a memoir project. Salaam claimed the stress from the situation led to substantial personal and professional losses. Pinkett Smith countered that the claims were exaggerated and motivated by personal grievances rather than legitimate harm.

This is not the first time the Smith family has faced public legal battles involving former associates. Past disputes have involved everything from business partners to entertainment industry figures, often playing out in tabloids and social media. The current case, however, stands out for its deeply personal nature and direct connection to Will Smith’s longtime friendship circle.

Fans have reacted with a mix of support for Pinkett Smith and calls for privacy. Social media commentary ranges from accusations of Hollywood drama to sympathy for the financial and emotional toll of defending against lawsuits. Some observers note the irony of a family known for public transparency now navigating private disputes in court.

Beyond the immediate fee dispute, the case raises broader questions about celebrity privacy, memoir projects and the boundaries of friendship in the entertainment industry. As high-profile figures increasingly share intimate details through books, podcasts and social platforms, the potential for fallout with former insiders grows.

Court watchers expect the judge to rule on the fee motion within the coming weeks, potentially setting a precedent for how similar claims are handled. If granted, the $49,000 award would represent a relatively modest sum in celebrity litigation but carry symbolic weight as a victory for Pinkett Smith’s defense strategy.

The Smiths continue to focus on family and individual projects amid the legal proceedings. Jada has maintained a lower public profile recently, while Will has hinted at new creative endeavors. Regardless of the outcome, the dispute serves as a reminder of the complex intersections between personal relationships and public personas in modern Hollywood.

As the case progresses, all eyes remain on the California courtroom where one of entertainment’s most discussed families seeks resolution. Whether Salaam will be ordered to pay the legal bill could influence not only this specific matter but future interactions within the Smith orbit.