Dr Copper has struggled throughout 2023 as the demand side of the equation has remained subdued as China’s economy struggles to gain momentum. We are bullish on copper, believing China will rise from the ashes as Beijing increases stimulus, and the supply side of copper will provide a significant tailwind over the coming years while demand should be firm as EV take-up increases, i.e. EVs use far more copper than traditional vehicles.
- We own Sandfire (SFR) and BHP Group (BHP) for copper exposure; we may increase one/both of these into 2024 – we added to our Sandfire (SFR) in the Emerging Companies Portfolio on Monday.
MM is bullish towards copper medium-term
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