As discussed in “A new copper bull market takes shape,” the fundamentals and technicals are in alignment in supporting a new copper bull market. Here, I will begin to review and update the three copper opportunities mentioned in the above report. The three companies and their performance from the last update through the January 30, 2023 copper report are as follows:
- Freeport McMoRan (NYSE:FCX): Reviewed positively in “Freeport McMoRan, Doctor Copper makes a house call” on July 7, 2022. The stock is now up 64% and trading at $44.82 compared to $27.38 at the time of the report.
- Rio Tinto (NYSE:RIO): Reviewed positively in “The dogs of stoxdox: Top 5 income stocks” on November 17, 2022. The stock is up 22% at $79.44 compared to $65.28 at the time of the report.
- Barrick Gold (NYSE:GOLD): Reviewed positively in “Gold is on the efficient frontier” on October 14, 2022. The stock is up 38% and trading at $19.58 compared to $14.16 at the time of the report.
Copper
The copper opportunity is intermediate to longer term in nature. In essence, copper supply and demand conditions look quite bullish into the 2030s. Fundamentals are conducive to an intermediate-term bull market for the miners. As a result, the primary strategic considerations in approaching the mining opportunities are largely tactical and technical in nature.
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