In today's Options Trading Concepts Live, Mike, Jermal and Thomas Westwater analyzed copper's potential for a major upside move in 2026, noting that the copper-gold ratio has reached extreme lows not seen since the COVID recession. The International Copper Study Group forecasts a deficit of 150,000 tons by 2026, a significant shift from earlier surplus predictions. Supply constraints from major miners like Anglo-American and Freeport, combined with rising demand from electrification and AI data centers, create bullish conditions. When the copper-gold ratio reaches current levels, copper historically outperforms gold by nearly 20% over the following 60 days. The hosts established bullish positions with HG calendar spreads and gold call diagonals. Other markets discussed included natural gas's seasonal strength (up 4.5% today), livestock's volatile trading patterns, and Micron's challenging options environment amid semiconductor volatility.