Sprott Physical Copper Trust - $COP-UN.TO

COP-UN.TO: Physical copper trust at 20% NAV discount with ~$80M market cap. Bull case: structural copper supercycle driven by energy transition, AI infrastructure, remilitarization vs constrained supply (ESG bottlenecks, capital discipline, declining ore grades). Catalyst: NYSE Arca dual-listing approval expected Q3/Q4. Risks: economic downturn, aluminum substitution above 4x ratio (currently 3.8x), discount widening.

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