The Korean won/USD and copper have about a 180-day lag, which has been the case for almost 20 years. Recently, after a sharp drop in copper prices followed by a quick rebound, the won broke through a key support range, and copper went up while the won appreciated. Additionally, currencies like AUD and ZAR are also appreciating, indicating a slowdown in commodity demand. Of course, the appreciation of the won is also influenced by the decline of the dollar leading to capital flows, but both USDKRW and the copper-gold ratio have not recovered after their declines. Looking at the appreciation of other currencies sensitive to commodities, the market may be hinting at new risks. This situation can only be interpreted as one thing: rise/emotion ≠ fundamentals/demand. Although industrial commodities are declining, there is a more optimistic view on some agricultural products that may experience mild inflation.

The copper to gold ratio is a very good measure of the core indicator of total demand. After the recent sharp drop in copper prices, the rebound still places the copper to gold ratio at a low level, and even if gold prices retract, this remains the case. This largely indicates that demand will only worsen, especially compounded by a series of problems caused by tariffs leading to trade embargoes.
The previous rebound was merely a relaxation of sentiment; what good does reaching an agreement do? With a global tax rate increase of 10%, any improvement in the economy is a pipe dream.
Once the sentiment phase is completed, it will return to the fundamentals. There is a possibility of another significant drop in copper prices, especially with oil prices breaking down. One is energy demand, the other is commodity demand; these two are interconnected. Under these circumstances, things won't be over until they reach an extreme.