The copper market's breach of $13,000 per tonne in early January 2026 represents more than a nominal price record. Unlike previous peaks in 2011 or the post-COVID stimulus cycle of 2021, this rally is characterized by policy-driven supply constraints rather than demand-side acceleration. The distinction matters for how investors evaluate exposure across producers, developers, and explorers. In prior cycles, copper rallies were typically supported by aggressive Chinese stimulus, inventory restocking, or coordinated infrastructure spending. Exchange inventories provided a buffer against supply disruptions, and the ... (full story)