Chile is the global copper behemoth, comprising 28% of the world’s production. To put this into context, Saudi Arabia accounts for just 12% of the world’s oil production. Chile is currently enduring mass protests that commenced in mid-October to combat income inequality and the rising cost of living, resulting in a massive potential copper supply shock at a time when the market is already in a deficit, exchange inventories are exceedingly low, Chinese consumption is surging and a significant net short position lingers in non-commercial futures contracts. We believe there is a material probability that