$MP Materials(MP.US) rose five points, with rare earths continuing to strengthen on the narrative of supply chain security and defense demand; $ZIJIN MINING(02899.HK), $GANFENGLITHIUM(01772.HK), and $Sprott Physical Copper Trust Ord(SCOP.US) all fell slightly, with copper and lithium weakening alongside a 2.5% intraday drop in copper prices.

Both are non-ferrous metals, but rare earths are telling an independent strategic story, while copper/lithium are still trapped in the commodity cycle. Given this divergence, which side would you rather be on? I'd choose rare earths—their pricing is increasingly decoupled from the ordinary industrial metals cycle, relying on a 'chokepoint' logic.