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Navneet Damani, Head of Commodity and Currency Research at Motilal Oswal Financial Services, said silver demand remains linked to sectors such as solar and AI-driven industrial usage, but price direction will also depend heavily on global currency movement.
By Alpha Desk February 12, 2026, 3:46:52 PM IST (Published)
Copper prices may see a pause or correction over the next few months as supply conditions improve, while silver is expected to trade in a defined range depending on dollar movement, according to Navneet Damani, Head of Commodity and Currency Research at Motilal Oswal Financial Services.
Damani said copper prices surged over the past few months mainly due to supply disruptions across major mining regions.
“We’ve seen copper range up from $8,000 to about $14,000 per metric tonne… surprise comes in from multiple mega mines across the globe getting into production crisis… some because of environmental concerns, some procedural concerns, and some because of rain and mudslide concerns… all this has led to a spike in prices.”
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He said strong silver price movement also supported copper demand expectations, but current price levels may not fully reflect global demand and supply conditions.
“The world is not short of copper at this point… There is enough and more copper available across the globe… if supply starts coming back into the market post June 2026, we will be a well-supplied market, and prices could take a pause or probably a reasonable correction over the next two to three to six months.”
Damani said copper could revisit higher levels only if silver rallies again or if the dollar index weakens sharply. He sees copper near-term downside levels around $11,500–$12,000 per metric tonne.
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On silver, Damani said recent price spikes were driven by momentum rather than fundamentals and may not sustain at higher levels.
“Anything above $100 per ounce will have some bit of very sharp reaction… overall, a broader range will sustain for silver… in a best-case scenario, $95 per ounce, in a worst-case scenario, $65 per ounce on the lower side could be the range.”
He said silver demand remains linked to sectors such as solar and AI-driven industrial usage, but price direction will also depend heavily on global currency movement.
Damani said if the dollar index weakens toward the 92–94 range in the coming quarters, commodities including gold, silver and copper may see temporary support. However, he said sustained rallies may be difficult to justify without stronger demand fundamentals.
For the full interview, watch the accompanying video
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