Buy NRED by May 26, 2027.

Some copper headlines still point to refined market surplus, which can make the trade look less attractive at first glance. But the part I keep coming back to is mine supply. Refined output can rise in a quarter if smelters and refiners run harder, especially in places like China and India. Mine production is slower, more capital-intensive and more vulnerable to grade decline, disruptions, permitting and jurisdiction risk. That is why I am trying to separate short-term refined balances from …