Copper – preferred picks: We see a buying opportunity for Chinese copper equities following the recent correction, particularly given the strength in the underlying commodity. Fundamentals remain supportive; global mine supply continues to disappoint. Physical availability also remains tight in China, with SHFE inventories falling to c.55kt in mid-September, the lowest since January 2024. While demand remains well supported by grid investment, electrification and the global AI/data- centre buildout. We pref ...