Copper just hit record highs in Shanghai while gaining momentum in New York—quite the show for the red metal. Annual performance is already looking solid, and traders are betting hard on supply tightening through 2026. What's driving this? Geopolitical tensions cutting into production, meanwhile a softer US dollar is making commodities more attractive for international buyers. It's the perfect storm of factors. Worth watching if you're thinking about macro hedges or exposure to broader economic trends tied to infrastructure and energy transitions.