Gold (+77.5%) and copper (+69.8%) have been the standout performers over the past two years. Gold peaked when panic/speculative buying sent it up +122% in January 2026 before retracing, while copper has surged since mid-2025 as tariff-driven stockpiling compounded strong structural demand from electrification and AI infrastructure. Zinc (+49.5%) and Aluminium (+44.6%) have also delivered strong gains, benefiting from the same investment themes.
At the other end of the spectrum, iron ore (+3.9%) and nickel (+5.5%) have largely traded sideways after recovering from earlier lows, while coal (-11.6%) is the only commodity still in negative territory, reflecting the structural headwinds facing fossil fuels as the global energy transition gathers pace.
- Overall, the moves from ASX-related commodities have been a strong tailwind for the ASX miners.
