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PANDORA’S BOX
EVERYTHING GOT OUT. THE HOPE IS AT THE BOTTOM.
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THE ONE-WAY DOOR
A Mountain In Indonesia Stopped Last September And Never Restarted
Copper is back at fourteen thousand dollars a tonne. The restart target for the mine that helped put it there was the spring quarter, and the spring is gone.
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The mud came in last September. An underground incident at Grasberg, one of the largest copper mines on earth, stopped the works. Freeport aimed to bring it back by the spring quarter. That quarter has closed.
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This week a second thing broke. The Manyar smelter in Indonesia went down too, and copper shipments out of the country are delayed. So the mine is not producing and the plant that processes what it produces is not running either.
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Copper touched fourteen thousand dollars a tonne this month and sits near that mark again. Congo has frozen concentrate exports. Sulphuric acid, which the industry needs to leach copper out of ore, is in short supply of its own.
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11 MONTHS
DOWN, WITH THE RESTART TARGET ALREADY MISSED
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Everyone is reporting the price. The number that matters is how long the hole has stayed open. A mine does not restart on the day a press release says it will. |
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Here is the part that will not be in the coverage. The demand side is bolted down. Every data centre under construction and every permitted grid upgrade needs copper on a schedule set years ago. Those buyers do not shop on price. They take what the build calendar says they need.
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The market now pays more for copper today than for copper delivered later. That happens when people who need metal this month outbid people who can wait. It is a reading of physical shortage, not enthusiasm.
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We graded this CLOSING because Grasberg comes back eventually, and a smelter can be repaired. The arithmetic underneath does not come back the same way. New copper takes a decade to permit and dig. The buildings that eat it are being poured this year.
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You will meet this before you read about it. It arrives in a quote to rewire a room. Or to replace a compressor. Or in the utility line covering grid work. Copper is no longer the cheap part of any of those jobs.
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FROM OUTSIDE THE BOX
In 1971, America Changed Money Forever
On a Sunday evening in August 1971, President Nixon interrupted television programming with an announcement that would permanently reshape the financial system.
Most Americans didn’t realize it at the time.
But after the U.S. officially moved away from the gold standard, inflation accelerated, the dollar changed, and gold entered one of the biggest rallies in modern history.
Today, many investors believe we may be approaching another important financial turning point.
That’s why this new FREE guide is getting attention.
Inside, you’ll discover:
| • | What actually happened the night Nixon ended the gold standard |
| • | Why gold prices surged in the years that followed |
| • | Why some analysts believe gold could become even more important ahead |
| • | How retirement savers are using diversification strategies during uncertain markets |
| • | The “wealth transfer” theory many Americans are now watching closely |
Whether you already invest in gold or are simply curious about what may come next, this report offers a deeper look into one of the most talked-about financial topics today.
Reagan Gold Group does not provide financial, legal, or tax advice. This information is for educational purposes only and should not be considered investment advice. All investments carry risk, including loss of principal. Past performance is not indicative of future results. Consult your licensed financial advisor before making investment decisions.
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EVERY LEAD PASSES BEFORE IT RUNS
The One-Way-Door Test
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Can it be undone?
The mine reopens someday. The decade it takes to permit and build the next one does not compress to meet a construction calendar already set.
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Who is already repositioning?
Congo froze concentrate exports. Zambia extended its own export waiver. Buyers moved two hundred thousand tonnes into United States warehouses ahead of a tariff decision.
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What does being late cost?
Contractors quote materials at the price on the day. A job deferred to next spring gets priced at next spring’s copper, whatever that turns out to be.
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THE MOVE · WHILE THERE IS STILL TIME
Have you been putting off electrical work, a panel upgrade, or an air conditioning replacement? Get the quote written this month. Then ask how long the material price holds. Thirty days of locked pricing is worth more than it sounds.
This move is worth nothing if you have no such job waiting. Copper can also fall hard if the builds slow, and then the patient buyer wins. |
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ALSO GOT LOOSE TODAY
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General Motors put new collaborative robots into a Detroit plant that has already seen heavy layoffs. The United Auto Workers is not pleased. |
WORK |
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The Food and Drug Administration is requiring disclosure for ingredients cleared under the generally recognised as safe route for the first time. Reporting counts one hundred eleven food chemicals still unreviewed. |
LAW |
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Vietnam’s VinSpace signed a deal with SpaceX to launch its first satellite. Another country buys a ride rather than building a rocket. |
MACHINES |
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WHAT’S LEFT AT THE BOTTOM
He knows why the quote came in high. He knows to ask how long the number holds. Most people find out when the invoice arrives. WE WATCH THE BOX.
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