In the long run, the logic behind copper price increases is solid. Global copper ore grades continue to decline, new mine production has a long lead time, and supply remains structurally tight over the long term. The rapid growth of copper demand from new energy and AI data centers is continuously widening the supply-demand gap. Combined with expectations of Fed rate cuts and low global inventories, physical stockpiling demand is strong. Supported by multiple fundamentals, the copper price’s long-term mean level is set to rise steadily, and there is ample upside potential in the future. #TradFi晒单