Hi Herman, bears point to China: it’s a price sensitive market (Shanghai still >$10k), substitution, pandemic stimulus effects fading, Beijing removed all subsidies for new solar, wind projects. Also healthy skepticism about US green energy, infrastructure build-out being another false dawn. Next 3–5 years there will be substantial tonnes coming online – Grasberg underground (400k), Kamoa, Quellaveco, QB2, Qulong (Tibet – 260kt), Sarcheshmeh (400kt?), Cukaru Peki & Bor (200kt) although after these nothing much. And as with most markets, copper trading has been financialised (and automated) and speculators seem to have had their fun with copper for now: See this by Andy Home today: /web/home-fund-managers-give-copper-a-wide-berth-as-china-cools/ – Frik