Buy NREDF by Jul 13, 2026.

Every time copper moves, people rush to frame it the same way: breakout, supercycle, “next oil.” That framing sounds good, but it misses the point completely. Oil is a consumption story. You burn it and it’s gone. Copper is a build story. Once it goes into a grid, a building, or a data center, it stays there for decades. That alone changes how supply and demand interact. Which is why copper doesn’t explode in clean cycles. It tightens quietly while …