Copper ($US/MT)

Copper punched higher last week as the backdrop around the war improved demonstrating to us that the path of least resistance remains on the upside. Local copper stocks were firm with Sandfire (+7.3%) although they remain well off their panic like January highs, but with the industrial  metal offering a strong tailwind further gains look highly likely.

• We remain bullish towards copper over the coming years, initially targeting the $US15,000 area, as global electrification and AI demands increase.