The Rio Tinto Ltd (ASX: RIO) share price has staged a strong recovery, rising around 48% since hitting a low of $100.75 in June 2025. The rebound reflects renewed investor interest in large mining stocks with strong cash flows and exposure to rising commodity prices.
With copper and silver prices pushing to fresh record highs, there could be further upside ahead for Rio shares in 2026.
Copper and silver prices are exploding
According to Trading Economics, silver prices have surged to around US$99 per ounce, hitting new all-time highs. Over the past 12 months, silver is up more than 220%, driven by a mix of investor demand and industrial use.
Silver is critical for solar panels, electronics, and clean energy systems. It also attracts investors during periods of global uncertainty, which has helped fuel the latest rally.
Copper prices are also sitting near record levels. Copper recently traded around US$5.80 per pound, up roughly 35% over the past year. Demand is being driven by electric vehicles, power grids, renewable energy projects, and data centres.
Many analysts believe the world is heading into a multi-year copper shortage as new supply struggles to keep pace with rising demand. Years of underinvestment in new mines, longer approval timelines, and rising production costs are all tightening the market.
Rio Tinto is delivering strong production growth
Rio's latest update highlights solid performance across its major operations.
Copper production rose 11% in 2025 to 883,000 tonnes, beating the company's guidance range. Copper is now making up a growing share of Rio's earnings, supported by rising demand from electrification and power infrastructure.
Rio also delivered record iron ore shipments of 89.8 million tonnes from its Pilbara operations in the December quarter. Full-year Pilbara shipments totalled over 331 million tonnes, supported by strong operating performance and improved weather conditions.
The company reported record lithium production, reflecting increased capacity and growing exposure to battery metals used in electric vehicles and energy storage.
Aluminium and bauxite operations were steady, with bauxite production exceeding 55 million tonnes for the year and aluminium output holding firm.
Why the market is warming to Rio Tinto again
Momentum is building around Rio Tinto as investors return to large, diversified miners with strong cash flows and exposure to key future-facing commodities.
Copper, lithium, aluminium, and silver are all essential for electrification and the global energy transition. Governments are prioritising secure supply chains for these materials, especially in the US and Europe.
Ongoing geopolitical uncertainty is also supporting demand for commodities. With strong cash flows, Rio is well placed to keep paying dividends while funding future growth.
Foolish takeaway
The Rio Tinto share price is already up 48% from its 2025 low, but booming copper and silver prices could drive another leg higher.
Rio's upcoming full-year results will be closely watched for confirmation that this momentum can continue.
