“While there were a lot of western funds that missed out on the gold rally, it’s clear that they’re very eager to participate in copper,” Matthew Heap, a portfolio manager at Orion Resource Partners, the largest metals-focused fund manager, said in an interview this week. “That reflects the fact that, thematically, there’s a very clear story to tell for copper, and you can explain in an elevator ride why prices are likely to rally substantially higher from here.”