As Congo’s cheap surface oxide ore is depleted, big miners are switching to underground sulphide sources, potentially giving the top 3 control of half the global supply of the battery metal.
Record aluminum prices in the United States and Europe will be sustained by Russia's mining tax for some months, but attempts to push prices even higher are likely to face headwinds.
Macro headwinds in the form of slowing growth impetus in China and the spread of the Delta variant of covid-19 are currently outweighing copper’s micro-dynamics.