$USA Rare Earth(USAR.US) rose by more than five points, $MP Materials(MP.US) and $Critical Metals(CRML.US) both rose by around four points, while $Southern Copper(SCCO.US) basically didn't move.

These rare earth companies are pricing in the 博弈 (game theory) between policy and export controls, while copper relies on industrial demand and China's restocking rhythm. The two sectors showed completely different slopes on the same day. Copper prices have been grinding around $6.3/lb these past two days; soft landing trades should have given it more elasticity, but instead, it was the rare earths that rallied.

Is capital assigning a higher premium to 'policy pricing power', or is it simply because the small market cap of rare earths makes them easier to push? I would choose the former—the pricing of critical minerals has been shifting towards geopolitical factors over the past two years.