The world is simultaneously trying to expand data center capacity, rebuild transmission infrastructure, scale renewable energy, support AI compute growth, and onshore industrial manufacturing.

All of those are copper-intensive. People underestimate how much copper sits underneath modern infrastructure. AI data centers alone require massive electrical systems, transformers, cooling infrastructure, and transmission expansion. EVs require materially more copper than internal combustion vehicles. Grid modernization requires enormous amounts of copper wiring and transformer infrastructure.
New copper supply is not easy to bring online. Mining projects take years (often over a decade) to permit, finance, construct, and scale. Geopolitical instability, environmental permitting complexity, and underinvestment from the last cycle have all constrained supply growth. So what you increasingly have is a market beginning to price in the possibility that copper becomes one of the defining strategic commodities of the next decade.
Everyone talks about NVIDIA, semis, hyperscalers, and GPUs. Far fewer people talk about the fact that none of this scales without massive physical electrical infrastructure underneath it. Copper sits directly in the middle of that buildout.