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The constraint in copper markets is geographic concentration.
Chile sits at the top of the global copper supply chain, and when severe weather grounds operations there, spot inventory draws down faster than forward delivery schedules can offset the loss.
Deadly storms in Chile have now disrupted mining operations at precisely the moment when demand from AI infrastructure construction is accelerating, and strategists say the metal may be approaching a new all-time high.
How storm disruptions move the copper market The mechanism behind storm damage is straightforward at the site level.
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