Commodities desk reports a surprise squeeze in copper
Inventory data did the talking.
Observers describe a mood of cautious optimism, the kind that travels in private conversations long before it appears in any press release.
Outside the room, the response has been faster, messier, and considerably more interesting.
Skeptics point to the long history of premature declarations. Their caution is earned, and worth keeping close at hand.
A small group of practitioners has been arguing for this approach for years. They are doing their best not to look smug.
The shift did not happen overnight. It accumulated in quiet decisions, small wins, and a handful of unglamorous fixes that no one tweeted about.
What makes this moment unusual is not the size of the move but its shape. The curve bends in a way that resists easy analogies.
