Copper futures chart momentum is partly driven by speculative bets that stimulus measures in China will lift industrial output in H2—a familiar catalyst in commodity cycles. Meanwhile, institutions make up 26% of the company’s shareholders. Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. However, “copper input materials (such as copper ores, concentrates, mattes, cathodes, and anodes) and copper scrap” are not subject to the tariffs. Cathodes are pure sheets of copper used in everything from wiring to autos, construction, and machinery. Copper futures chart performance today reflects speculative buying ahead of the quarterly GDP numbers from China. Any upside surprise could accelerate a rally beyond $4.20.