[
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    "id": "e1162975-ae40-4d0d-af5d-9d0beef4b585",
    "date": "2026-08-03",
    "type": "FEE_RATE",
    "bps": 150,
    "note": "Management fee 1.50 % p.a., illustrative",
    "evidenceRef": "sha256:bd28451ac16e",
    "approvedBy": "seed-a / seed-b"
  },
  {
    "id": "e0bdf993-5825-4fde-8b81-c4604f2cfe81",
    "date": "2026-08-03",
    "type": "ALLOCATION",
    "note": "Issue price 10.0000",
    "units": 25000,
    "amount": 250000,
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  },
  {
    "id": "e3f6f579-fca3-4d50-88b2-eb6b8abd4867",
    "date": "2026-08-04",
    "type": "FX_CONVERSION",
    "note": "USDC→EUR, FX fee + transfer + gas",
    "costs": 410,
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  },
  {
    "id": "c2dbc126-0486-45a1-805a-20a705c08092",
    "date": "2026-08-04",
    "type": "HEDGE_OPEN",
    "note": "Temporary long copper hedge, 5 % margin",
    "costs": 95,
    "amount": 12000,
    "evidenceRef": "sha256:bfa40f553064",
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  },
  {
    "id": "06c508f3-1eb7-480b-bf86-4157da675606",
    "date": "2026-08-07",
    "type": "HEDGE_CLOSE",
    "note": "Temporary long hedge closed at purchase: exposure now in physical copper",
    "costs": 60,
    "amount": 1450,
    "evidenceRef": "sha256:a9540b3bfda8",
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  },
  {
    "id": "0f4f5056-f579-4de1-ad56-1d9718628dfa",
    "date": "2026-08-07",
    "type": "PURCHASE_PAID",
    "note": "Scrap copper paid to supplier; in transit at LME cash 14,260.01 USD/t",
    "costs": 620,
    "amount": 198000,
    "refPrice": 14260.01,
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  },
  {
    "id": "14778e82-61fc-4996-95aa-9cd9452d495e",
    "date": "2026-08-10",
    "type": "COST",
    "note": "Inbound shipping, paid",
    "costs": 2850,
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  },
  {
    "id": "08e03ae6-2c61-4947-bcb5-a72308861bdb",
    "date": "2026-08-14",
    "type": "CUSTODY_RECEIPT",
    "kg": 13885,
    "note": "Received into custody, weight recorded",
    "amount": 198000,
    "evidenceRef": "sha256:4909873db846",
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  },
  {
    "id": "64c7ff84-3344-4b35-b2e7-623a73c8e106",
    "date": "2026-08-14",
    "type": "INVENTORY_REVALUATION",
    "note": "Copper price −1.25 % since the last valuation (LME cash 14,082.01 USD/t)",
    "cause": "price",
    "amount": -2471.53,
    "refPrice": 14082.01,
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  },
  {
    "id": "1100c039-5a07-458a-a653-36f5c15ef239",
    "date": "2026-08-17",
    "type": "INVENTORY_REVALUATION",
    "note": "Copper price +0.37 % since the last valuation (LME cash 14,134.00 USD/t)",
    "cause": "price",
    "amount": 721.88,
    "refPrice": 14134,
    "evidenceRef": "sha256:ca9c16b7b268",
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  },
  {
    "id": "1fee575a-f81e-4ad6-8386-bc27763fd51f",
    "date": "2026-08-18",
    "type": "INVENTORY_REVALUATION",
    "note": "Copper price +1.28 % since the last valuation (LME cash 14,315.00 USD/t)",
    "cause": "price",
    "amount": 2513.18,
    "refPrice": 14315,
    "evidenceRef": "sha256:8ca7e1ee4399",
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  },
  {
    "id": "56f2ab7d-47d5-4b34-bdb8-f6fbc10b2e1a",
    "date": "2026-08-19",
    "type": "INVENTORY_REVALUATION",
    "note": "Initial assay: contained copper 0.8 % below estimate",
    "cause": "operational",
    "amount": -1600,
    "evidenceRef": "sha256:411d295d1dbc",
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  },
  {
    "id": "2a59e208-9d8b-437a-b94b-9b0108fd552b",
    "date": "2026-08-19",
    "type": "INVENTORY_REVALUATION",
    "note": "Copper price −1.64 % since the last valuation (LME cash 14,080.01 USD/t)",
    "cause": "price",
    "amount": -3236.57,
    "refPrice": 14080.01,
    "evidenceRef": "sha256:859f6053eeb6",
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  },
  {
    "id": "75ce0ecf-e548-4db9-bff6-c3b0335b57a7",
    "date": "2026-08-20",
    "type": "INVENTORY_REVALUATION",
    "note": "Copper price −1.35 % since the last valuation (LME cash 13,890.00 USD/t)",
    "cause": "price",
    "amount": -2617.05,
    "refPrice": 13890,
    "evidenceRef": "sha256:4ecf82ca0812",
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  },
  {
    "id": "f47775a8-f8f1-4a72-b582-80e51c642d07",
    "date": "2026-08-21",
    "type": "INVENTORY_REVALUATION",
    "note": "Copper price +0.58 % since the last valuation (LME cash 13,970.51 USD/t)",
    "cause": "price",
    "amount": 1108.88,
    "refPrice": 13970.51,
    "evidenceRef": "sha256:c77b1882b5d8",
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  },
  {
    "id": "f5c31699-e224-4886-befd-67065bee84fc",
    "date": "2026-08-24",
    "type": "COST",
    "note": "Processing and storage, accrued",
    "costs": 4100,
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  },
  {
    "id": "c7370700-11bb-4eaf-a450-0cbc7861c51c",
    "date": "2026-08-24",
    "type": "INVENTORY_REVALUATION",
    "note": "Copper price +1.89 % since the last valuation (LME cash 14,235.00 USD/t)",
    "cause": "price",
    "amount": 3642.88,
    "refPrice": 14235,
    "evidenceRef": "sha256:04514e0879bb",
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  },
  {
    "id": "a8ee8f1e-47d6-455b-9683-e3b774b25921",
    "date": "2026-08-26",
    "type": "INVENTORY_REVALUATION",
    "note": "Copper price +0.44 % since the last valuation (LME cash 14,298.00 USD/t)",
    "cause": "price",
    "amount": 867.71,
    "refPrice": 14298,
    "evidenceRef": "sha256:073c3c7c0269",
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  },
  {
    "id": "3c4fa615-2bed-44cc-8303-ebeca8db16fe",
    "date": "2026-08-27",
    "type": "INVENTORY_REVALUATION",
    "note": "No revaluation on this day: the move against the real close stayed below the 0.25 % threshold",
    "cause": "price",
    "amount": 0,
    "refPrice": 14336.01,
    "evidenceRef": "sha256:27885d0b05cb",
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  },
  {
    "id": "a5b058f2-c933-4b4b-95f9-403751b73452",
    "date": "2026-08-28",
    "type": "INVENTORY_REVALUATION",
    "note": "Copper price −0.43 % since the last valuation (LME cash 14,236.01 USD/t)",
    "cause": "price",
    "amount": -853.8,
    "refPrice": 14236.01,
    "evidenceRef": "sha256:1e7e1764b400",
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  },
  {
    "id": "3b50bfd1-4a2b-4149-81cf-ac289299ae4a",
    "date": "2026-08-31",
    "type": "INVENTORY_REVALUATION",
    "note": "Copper price +0.94 % since the last valuation (LME cash 14,370.00 USD/t)",
    "cause": "price",
    "amount": 1845.47,
    "refPrice": 14370,
    "evidenceRef": "sha256:04b0ac57b6aa",
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  },
  {
    "id": "8e7d78f1-6d18-4864-9718-1ff036663c3b",
    "date": "2026-09-01",
    "type": "REFINED_CONFIRMED",
    "note": "Refined copper confirmed; carrying value at refined grade",
    "amount": 214500,
    "evidenceRef": "sha256:ba60fd609e9b",
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  },
  {
    "id": "383f2918-b89d-4035-9417-ef1c6698e6d5",
    "date": "2026-09-02",
    "type": "INVENTORY_REVALUATION",
    "note": "Copper price −1.08 % since the last valuation (LME cash 14,215.01 USD/t)",
    "cause": "price",
    "amount": -2313.53,
    "refPrice": 14215.01,
    "evidenceRef": "sha256:695a6f87f57d",
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  },
  {
    "id": "8ced8c50-38d1-4755-afcc-b06755e9db02",
    "date": "2026-09-02",
    "type": "INVENTORY_REVALUATION",
    "note": "No revaluation on this day: the move against the real close stayed below the 0.25 % threshold",
    "cause": "price",
    "amount": 0,
    "refPrice": 14215.01,
    "evidenceRef": "sha256:664ea620a5cd",
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  },
  {
    "id": "e941d753-5bf2-4bfa-a16b-3ae39d0a2ba2",
    "date": "2026-09-04",
    "type": "SALE_PRICED",
    "kg": 13885,
    "note": "Sale contract priced with the buyer",
    "costs": 350,
    "amount": 223800,
    "evidenceRef": "sha256:9978ea8f5117",
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  },
  {
    "id": "1b7b488a-cd1a-4dbf-b347-ffe34e9a953e",
    "date": "2026-09-08",
    "type": "COST",
    "note": "Outbound shipping and export documents",
    "costs": 1900,
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  },
  {
    "id": "c064e389-0fbd-4f49-b95a-629f2b855cea",
    "date": "2026-09-11",
    "type": "BUYER_PAYMENT",
    "note": "First buyer payment",
    "costs": 25,
    "amount": 150000,
    "evidenceRef": "sha256:aed58f8c75a2",
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  },
  {
    "id": "8e8e959a-f901-4bc5-82c6-e5cfddd52c76",
    "date": "2026-09-15",
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    "amount": 73800,
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  },
  {
    "id": "f07fbf5c-78fa-48d9-8fc5-383c844a692b",
    "date": "2026-09-17",
    "type": "FX_CONVERSION",
    "note": "USDC→EUR for the second lot, FX fee + transfer + gas",
    "costs": 380,
    "evidenceRef": "sha256:a4ef6fe1c592",
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  },
  {
    "id": "86077d44-bbde-45ff-be98-b06809cb0703",
    "date": "2026-09-17",
    "type": "PURCHASE_PAID",
    "note": "Copper bought ex-warehouse, 17,000 kg at LME cash 14,077 USD/t",
    "costs": 540,
    "amount": 239309,
    "refPrice": 14077,
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  {
    "id": "a93040ef-eae2-4c3b-931b-96cf7f71b8bd",
    "date": "2026-09-17",
    "type": "CUSTODY_RECEIPT",
    "kg": 17000,
    "note": "Title transferred in the warehouse, received into custody, weight recorded",
    "amount": 239309,
    "refPrice": 14077,
    "evidenceRef": "sha256:1258c54406f9",
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  {
    "id": "93520dd3-6715-4c96-b93b-eda1707f4bb3",
    "date": "2026-09-17",
    "type": "INVENTORY_REVALUATION",
    "note": "Copper +1.10 % vs last valuation (metals.dev lme_copper USD/t as of 2026-09-17T14:45:08.474Z)",
    "cause": "price",
    "amount": 2635,
    "refPrice": 14232,
    "evidenceRef": "sha256:cf2c2d4ce25a",
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  },
  {
    "id": "8688918d-b7d3-4ecc-9e78-9b666d5016c5",
    "date": "2026-09-17",
    "type": "ALLOCATION",
    "note": "Correction: allocation of 0xc439B2fb7a8C9682e2718A4898C5Eae6610E62e8, 14.85 USDC net of the entry fee, 1.430222 units issued on chain at 10.3830",
    "units": 1.430222,
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  {
    "id": "088120b8-162b-4a7d-a768-a2a53d0059a9",
    "date": "2026-09-18",
    "type": "INVENTORY_REVALUATION",
    "note": "Copper +1.24 % vs last valuation (metals.dev lme_copper USD/t as of 2026-09-18T14:44:04.563Z)",
    "cause": "price",
    "amount": 3009,
    "refPrice": 14409,
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  {
    "id": "70dc32b1-106a-4abd-b82b-600678aa3779",
    "date": "2026-09-19",
    "type": "INVENTORY_REVALUATION",
    "note": "Copper +1.99 % vs last valuation (metals.dev lme_copper USD/t as of 2026-09-19T09:03:12.422Z)",
    "cause": "price",
    "amount": 4811,
    "refPrice": 14515,
    "evidenceRef": "sha256:01a9892b3f0f",
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]