Allow me to speculate on the difference between spot and futures prices in copper this morning - spot down, futures up.

As spot reflects present conditions and real time supply and demand conditions, it is not, as yet, anticipating fundamental changes to be wrought by the storm in SE Texas and Lousianna.

Futures prices, at least this morning, are anticipating increasing demand for copper in the rebuilding of that area.  Sounds like a smart move, but it may be a knee-jerk reaction.  If that is the case, it does not account for the possibility that the damage to the US economy could be bad enough to throw the country into an overdue recession, meaning, initially, lower prices for copper.

This is an example of why mining deals focus on spot prices, as do most investors in mining ventures.