Copper is holding firm at six-week highs, up 7% YTD, and has become a strategic asset globally stockpiled by governments due to demand from grid expansion, defense spending, AI, and tariffs.

Inventories are at all-time highs, yet prices keep rising, indicating strong underlying demand pressure.

The supply side has taken a critical turn: global refined copper shows a deficit, Chile's output hit a 9-year low, and China's upcoming ban on sulfuric acid exports threatens 20% of global copper production.

Sulfuric acid is described as the 'life and blood' of copper mining, making this an underappreciated but major supply risk.

The trade is to stay long copper as long as it holds above $5.60 per pound. A break below that would negate the bullish thesis.

Above that level, the structural story of tightening supply, increasing demand, and strategic stockpiling remains intact.