Surge in Copper Prices by 30% Boosts Mining Stocks: An Investment Opportunity in Copper Coins (COP)

  • Copper prices have hit a record high, leading to rallies for top copper mining stocks Newmont (NEM) and Freeport-McMoRan (FCX).
  • The surge in copper prices is due to concerns of insufficient supply as demand increases from sectors such as artificial intelligence, cryptocurrency data centers, electric vehicles, and renewable energy.
  • Global data-center power demand is expected to increase at a 15% compound annual growth rate to 2026, leading to a new demand for copper against a forecast supply gap of 4 million metric tons by 2030.

As copper prices soar, top mining stocks Newmont and Freeport-McMoRan are rallying, with both stocks currently in buy zones. The surge in copper prices is driven by increasing demand from sectors such as AI, cryptocurrency, EVs, and renewable energy.

Copper Prices Fuel Mining Stock Rallies

Newmont stock gained 1.5% to 43.20 during market trade on Wednesday. The copper mining stock is in a buy zone, trading about 3% above an official cup-with-handle 41.30 buy point. Newmont stock is working on its third consecutive monthly advance. The recent run has vaulted NEM shares 36% higher since the end of February. Newmont stock has a 96 Composite Rating out of a best-possible 99. The copper mining stock also has a 79 Relative Strength Rating and an 83 EPS Rating.

Freeport-McMoRan Shares in Buy Zone

Meanwhile, Freeport-McMoRan shares edged up to 53.62 Wednesday, after hitting a fresh 2024 high of 53.66 on Tuesday. That put it in a buy zone above the April 29 high of 52.52. FCX stock has booked 10 weekly advances out of the past 11 weeks. The stock regained its 200-day moving average in early March and has surged 34% since then. The stock has a 92 Composite Rating and a 93 Relative Strength Rating. The EPS Rating is 52.

Other Copper Mining Stocks to Watch

Fellow copper mining stock, Southern Copper (SCCO) fell 0.8% to 122.85 Wednesday after hitting all-time highs of 125.07 on Tuesday, also clearing an April 29 high at 121. Shares are in a buy zone through 127.05. The copper stock has advanced 44% in 2024.

Conclusion

The surge in copper prices has led to a rally in copper mining stocks, with Newmont and Freeport-McMoRan leading the way. As demand for copper continues to rise due to increasing needs from sectors such as AI, cryptocurrency, EVs, and renewable energy, these stocks are likely to continue their upward trend.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Hong Kong Considers Bitcoin Perpetual Contracts for Professional Investors in New Derivative Trading Policy

Hong Kong's Securities and Futures Commission is actively exploring...

Ethereum Developers Delay Gas Limit Increase Amid FOCIL Implementation and EVM64 Advancements

COINOTAG News reported on June 8th that during the...

Bitcoin Liquidation Intensity Could Surge to $885M if Price Drops Below $104,000, Coinglass Data Reveals

According to recent data from Coinglass, the Bitcoin price...

James Wynn Opens 40x Leveraged Bitcoin Short Amid Repeated Liquidations

James Wynn, a prominent trader, recently disclosed on Platform...

James Wynn Closes 40x Bitcoin Long Position, Incurs $70.71 Loss on BTC Trade

COINOTAG News reports that on June 8th, James Wynn...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img