The HCH SP needs to get to it's actual value ( NPV) before you can consider it a correlation or not. It's nowhere near the value it should be so it doesn't correlate with the copper price IMO. We are so far under our NPV in theroy we should be outperforming the copper price. But because any rise on price is continually sold into outperforming never happens or is very slow.
back in August 2023 copper $8470 per tonne HCH $1.61
now copper 9680 HCH $1.22
that's as much of a correlation to copper as salmon to ironore.
All things COPPER, page-434
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