3 Stocks To Watch As Copper Surges To Record Highs: 'Something Is Cooking In China'
Portfolio Pulse from Piero Cingari
Copper prices have surged to record highs, driven by increasing demand from electrification and strategic stockpiling by China. The Global X Copper Miners ETF (COPX) has rallied 40% year to date. Bank of America recommends Antofagasta (ANFGF), Freeport McMoRan (FCX), and TECK Resources (TECK) as top copper-linked stocks.
May 21, 2024 | 3:12 pm
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Antofagasta plc (ANFGF) is recommended by Bank of America as a volume-growth story in the copper market, benefiting from the current surge in copper prices.
Antofagasta is positioned as a volume-growth story, making it a strong candidate to benefit from the rising copper prices.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 80
POSITIVE IMPACT
The Global X Copper Miners ETF (COPX) has rallied 40% year to date, benefiting from the surge in copper prices driven by increased demand and strategic stockpiling by China.
The ETF's performance is directly tied to the surge in copper prices, which have been driven by strong demand and strategic stockpiling by China.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Freeport McMoRan Inc. (FCX) is highlighted by Bank of America as a go-to blue-chip copper exposure, likely to benefit from the ongoing surge in copper prices.
Freeport McMoRan is a major player in the copper market, and its stock is expected to benefit from the current high copper prices.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 80
POSITIVE IMPACT
TECK Resources Ltd (TECK) is recommended by Bank of America as a new, inexpensive copper 'pure play' with growth options, following the sale of its coal assets.
TECK Resources has repositioned itself as a copper-focused company, making it a strong candidate to benefit from the rising copper prices.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 80