LME sits near $10,000, Goldman sees a 160kt surplus for 2026, grid-build bulls own the narrative… but Chinese demand cratered 8% in Q4 and nobody's pricing the inventory that's already here…

Above $6.40, highest monthly close in history, uncharted territory… AI data centers, grid buildout, defense infrastructure all landing at once while mine supply stays frozen and inventories bleed…

Codelco's chairman says the quiet part out loud while April output crashes 14%—and the world's tightest copper market just got tighter.