In a positive sign, the copper miners get a shot upgrade
Since the melancholy of the Infrastructure bill and the resurgence of the CoVid19, the copper market has been taking it on the chin.
This morning, EXANE BNP PARIBAS upgraded both stocks. The European firm raised RIO from NEUTRAL to OUTPERFORM. RIO has seen it's stock down in the high 60's to low 70's for most of the summer.
VALE was upgraded from UNDERPERFORM to NEUTRAL with a price point of $15.80.
The article also upgraded FCX to OUTPERFORM.
Is this a sign that copper has turned the corner? Hard to answer that. Personally, these are companies I accumulate anyway. I like VALE because of their Nickel mining, this is an EV material extraordinaire. Copper will be big in the long run. Simply we will need a bunch of copper. Copper can be recycled, but it's the amount we need outpaces recycling. This is not a shot at the recyclers, just we are entering a phase of change where we will exhaust all sources quickly.
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