Let’s not confuse the speculation behind today’s copper sell-off with geological reality, because the fundamentals of the copper market have not changed. Mine production is declining and future new supply is significantly lacking… Add to that, costs are rising due to expensive sulphuric acid, exacerbated by the closure of the Strait of Hormuz. Plus, EVERY mine in the world consumes diesel. The cost and availability of these critical inputs matter. Meanwhile, the extraordinary demand for copper continues to grow from AI, data centres and defence. The United States itself imports roughly HALF of the copper it consumes, while its domestic production has fallen 20% since 2015. The White House has NOT made a final decision on copper tariffs. The midterm elections are less than two months away. The question of how America rebuilds its copper mining, smelting and refining industries isn’t going away after November. The timing around a tariff decision can change… while the elements in the periodic table cannot…. and neither can you print copper. Therefore, today presents a buying opportunity for those who have not yet already entered the copper market.