The copper market presents a complex picture as nominal prices hover around $5.81 per pound, supported by underlying structural demand but facing near-term headwinds. While headline prices appear robust, analysis of the copper-to-gold ratio reveals that real-terms pricing has not experienced the rerating many anticipated. This metric, which adjusts for currency debasement, suggests copper remains undervalued relative to historical production cost incentives despite nominal prices approaching multi-year highs. A significant concern for near-term price stability centers on inventory accumulation. Combined stockpiles ... (full story)