Copper was supposed to be boring, cyclical, and dependable. Companies would dig more when prices rise, pull back when they fall. But that playbook is breaking down, and that shift has been decades in the making.Between 2015 and 2025, major copper discoveries were not just fewer, they were smaller. The industry couldn't find deposits that moved the needle. Exploration budgets recovered after 2020, but the results didn't. The world is no longer stumbling across Escondidas or Grasbergs. Most "new" copper today ...