Copper Bulls Just Got Four Different Signals in One Day

Today’s copper market action was interesting because it was not driven by a single headline. It was four separate signals all pointing in the same direction. Copper hit $13,619/t on the LME, the highest intraday level in about three months. At the same time, Shanghai copper inventories fell 10,692 tonnes in one week, down 5.6% to 181,333 tonnes. Meanwhile COMEX оpеn interest climbed by 4,230 contracts to 232,786. That matters because rising price combined with rising оpen interest usually means new money is entering the trade rather than old longs exiting. Then the market got another major supply update: full recovery at Grasberg is now expected in early 2028, later than previous guidance. When all four happen together, it starts looking less like short-term volatility and more like the market repricing future copper availability. That is why names like NovaRed (NRED / NREDF) become more interesting during this stage of the cycle. The company is still early-stage, but it already controls a \~16,000 hectare copper-gold land package in British Columbia’s Quesnel Belt and continues advancing geophysics and targeting work during a period when future copper optionality is becoming increasingly valuable. Goldman Sachs recently projected potential copper prices around $15,000/t by 2035, while some shorter-term forecasts are already modeling prices above $7/lb into late 2026. Those are not guarantees, but they help explain why the market keeps rotating back into copper developers and explorers. Feels like the market is beginning to think further ahead than just this quarter. NFA