Articles like this may explain the dissonance between the...

Articles like this may explain the dissonance between the current price and underlying demand.
https://www.economist.com/briefing/2022/10/20/will-india-become-a-green-superpower
It surprises me and I'm supposed to be keeping a very close watch on developments.

My experience and training lead me to explain it by the two mechanisms in play :
- Short-term Cu price is being determined by Cu price speculators. Most notably Macro hedge funds who see a slowing in world growth and hence Cu usage. that is actioned by Cu futures.
- Medium to Long term by inherent demand that drives the overall price via the opening of mines. That is both sticky upwards and downwards. Meaning miners don't close mines till it's clear there is overproduction because of the cost of restarting. They also don't open them till they are sure to maintain profitability for a sustained period. The link is miners used futures and hedging to assist with this effectively delivering to speculators at a pre-agreed price.

To sum it up. It's easy to trade paper in small liquid quantities. It's hard to put mines together and risky because of the big licks.
In the end, true demand dominates.

Mals graph may be showing some transition.

All IMVHO.