We are looking for copper and its related stocks to break out to fresh 12-month highs in the coming months as AI and EV demand gathers momentum. However, after advancing around 40% from its April low, we can see the current pullback extending a touch further. We like the idea of leaving a resting bid around 3% lower, although this may be tweaked over time.
- I believe the risk/reward towards the WIRE ETF looks attractive at $13.25, targeting a test of the $15-16 area, or 15-20% higher.
Trade Idea: Buy Global X Copper ETF (WIRE) at $13.25 with stops at $12.45 – 6% risk.
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