Two commodity charts that stand out as 2026 begins

As we head into the first quarter of 2026, two charts really stand out to me.

It’s not gold or silver pushing to fresh highs.

It’s not Bitcoin, which has been struggling to live up to its inflation-hedge narrative.

It’s Copper and Oil — and more importantly, how far apart they’ve drifted.

These two commodities usually move together. When they don’t, it’s worth paying attention.

A relationship that’s come apart

Copper has been holding up well. It’s been forming higher lows on the weekly chart, suggesting industrial demand and growth expectations haven’t rolled over.

Oil, meanwhile, has been doing quite the opposite. Prices have stayed under pressure, stuck in a downtrend and drifting toward prior support levels.

Put the two together, and you get a rare divergence that’s been building for nearly two years. This isn’t something you see often, and when it breaks, often marks a turning point for broader market conditions.

Why the split matters

Copper is often treated as a forward-looking economic signal. It tends to respond to expectations around manufacturing, infrastructure, and industrial activity.

Oil is more complicated. It’s tied into inflation, yields, geopolitics, and financial conditions. Ongoing war headlines, supply concerns, and macro uncertainty have kept oil pinned down, even as other parts of the commodity complex have moved higher.

So right now, copper is saying growth expectations are holding up. Oil is saying uncertainty is still in charge.

That disconnect is the story.

When it reconnects, either oil catches up to copper, or copper rolls over to meet oil.

Weekly timeframe factors to watch

For now, Oil is in a downtrend, and Copper remains in an uptrend. Though temporary resistances or supports exist, we need a definitive trendline break on either asset to really signal a change.

But when that gap gets resolved, its effects are rarely felt in isolation.

A move higher in oil can feed into:

• Rising yields.
• Energy sector outperformance.
• Higher equity volatility.

A continued breakdown in Oil can point toward:

• Renewed demand concerns.
• Pressure on cyclical sectors.
• A more defensive market tone.

Either way, oil tends to act as a transmission point into other parts of the market.

Bottom line

This isn’t a signal to go out there and immediately long oil (or short copper). It’s about awareness.

Two closely linked markets are telling very different stories, and that usually doesn’t last forever. As oil and copper move back into alignment, the impact is likely to extend beyond commodities alone. It’s something worth watching as we move deeper into 2026.