Here's an eye-opener on copper supply dynamics—out of 240 operating copper mines globally, only a single operation is currently underwater on costs. This tells us something crucial about the current commodity cycle: the vast majority of supply remains highly profitable even in a normalized market environment.

What does this mean? It signals tight supply conditions and suggests the copper cost curve has shifted favorably for producers. With mining economics this robust, expect sustained production regardless of near-term price volatility. For anyone tracking inflation hedges or industrial commodity strength, this is worth noting—when 99.6% of the global copper mining base stays cash-generative, supply constraints aren't likely to ease anytime soon.