Buy FCX by Oct 8, 2026.

One thing that stands out from the latest Middle East headlines is how little the market seems to care. Tanker traffic disruptions, military escalation and renewed geopolitical tension would once have triggered a much larger reaction in commodities. Instead, markets appear increasingly comfortable assuming that global trade will somehow keep functioning. That assumption is worth thinking about in copper. Copper's biggest problem isn't today's inventory levels. It's how difficult future supply is becoming. The industry has spent years underinvesting in …