Group 1: Market Dynamics and Price Movements - Copper prices have rebounded following comments from U.S. Federal Reserve Chair Jerome Powell regarding a potential quarter-point rate cut, with prices increasing by as much as 1.8% and rekindling optimism for a $12,000 per ton price point [1] - The market is increasingly trading based on its own fundamentals rather than serving as a proxy for economic strength, with a shift in focus towards structural shortages and long-term electrification demand despite ongoing global growth concerns and tariff risks [2] Group 2: Demand and Supply Outlook - Consultancy Wood Mackenzie projects global copper demand to rise by 24% by 2035, reaching 42.7 million tons per year, while warning that mine supply is not keeping pace with this demand [3] - A significant structural deficit in copper supply is anticipated due to a lack of new projects and rising disruptions, prompting producers to consider reopening previously producing assets as a quicker and more cost-effective solution compared to developing new mines [4][5] Group 3: Company Actions and Strategies - BHP, the world's largest miner, is exploring the reopening of four long-closed mines in Arizona, driven by favorable policy shifts under the Trump administration and a renewed focus on mining [6] - The potential revivals will concentrate on the Globe–Miami region, with plans to reprocess tailings from past operations, including the Magma mine, which is part of the Resolution Copper joint venture with Rio Tinto [6][7] - The Resolution Copper project, once operational, could supply approximately 25% of U.S. copper demand, thereby enhancing domestic supply chains and reducing reliance on imports from politically sensitive regions [7]