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.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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