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Time For Copper To Shine: The Case For Southern Copper And Freeport-McMoRan
Summary
- Copper prices have fallen by about 20% in 2023, presenting an opportune entry point for long-term investors.
- There's an expected shortfall in copper supply, which is likely to drive prices upward in the future. This could benefit Southern Copper and Freeport-McMoRan.
- Industry analysts anticipate a supply squeeze and project copper prices to reach $4.50 per pound by late 2024 and more than $6.80 per pound in 2025.
Mining Waves is a team run by Zac Mannes, Garrett Patten and Jason Appel who provide Elliott Wave technical analysis on precious metals and mining stocks and indices.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of SCCO, FCX either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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