Research & Stock Picks

Company Reports

25 November 2024

By

Copper Weekly (18-22 November 2024): Avg. USD 8,915/ton (-1.1% WoW)

Recent Catalysts Driving the Price

  • In the last five days, average copper prices declined -1.1% WoW to USD 8,915/ton, pressured by signals from The Fed indicating a slower-than-expected pace of rate cuts in 2025. This outlook should weaken global economic growth, which is negative for copper prices.
  • Furthermore, SMM copper inventories in major regions only fell to 161,300 mt (-1.9% WoW) in November, marking the fifth consecutive week of slower destocking. Additionally, in October, China’s copper anode imports dropped to 60,400 mt (-19.1% MoM, -27.4% YoY), bringing 10M24 figure to 746,000 mt (-14.0% YoY), reflecting continued weakness in copper industry.
  • We maintain our average FY24 copper forecast at USD 9,150/ton (YTD: USD 9,172/ton) due to China-US trade war concerns and weak global economic outlook. We retain MDKA as our top pick, with TP IDR 3,000 (EV/EBITDA FY24: 10.9x), supported by its path to profitability in 2024 and the expected completion of the Weda Bay smelter in 4Q24.

Share This:

harga tembaga naik

Download PDF

Download PDF

UPDATE_Copper_Weekly_20241125

Download PDF

UPDATE_Copper_Weekly_20241125

More Related

Company Reports

Nov 26, 2024

Technical Stock Analysis

Nov 26, 2024

Company Reports

Nov 26, 2024

Economic Reports

Nov 25, 2024

Economic Reports

Nov 25, 2024

Technical Stock Analysis

Nov 25, 2024

Morning Briefs

Nov 25, 2024

Company Reports

Nov 22, 2024

Technical Stock Analysis

Nov 22, 2024

Morning Briefs

Nov 22, 2024

peluang aces ditengah gejolak ekonomi

Company Reports

Nov 21, 2024

Economic Reports

Nov 21, 2024

laba bni

Company Reports

Nov 21, 2024

Morning Briefs

Nov 21, 2024

Technical Stock Analysis

Nov 21, 2024

Economic Reports

Nov 20, 2024

Morning Briefs

Nov 20, 2024

Technical Stock Analysis

Nov 20, 2024

Economic Reports

Nov 20, 2024

Morning Briefs

Nov 19, 2024

Technical Stock Analysis

Nov 19, 2024

Economic Reports

Nov 19, 2024

pertumbuhan bbca

Company Reports

Nov 18, 2024

Company Reports

Nov 18, 2024

Company Reports

Nov 18, 2024

PGAS bukukan laba bersih

Company Reports

Nov 18, 2024

laba bersih alfamart

Company Reports

Nov 18, 2024

Economic Reports

Nov 18, 2024

Morning Briefs

Nov 18, 2024

Technical Stock Analysis

Nov 18, 2024

Economic Reports

Nov 15, 2024

Technical Stock Analysis

Nov 15, 2024

Morning Briefs

Nov 15, 2024

Economic Reports

Nov 15, 2024

laba bersih era

Company Reports

Nov 14, 2024

Company Reports

Nov 14, 2024

Technical Stock Analysis

Nov 14, 2024

Morning Briefs

Nov 14, 2024

Economic Reports

Nov 13, 2024

Technical Stock Analysis

Nov 13, 2024

Morning Briefs

Nov 13, 2024

Economic Reports

Nov 12, 2024

peluang aces ditengah gejolak ekonomi

Company Reports

Nov 12, 2024

Company Reports

Nov 12, 2024

Technical Stock Analysis

Nov 12, 2024

Economic Reports

Nov 11, 2024

Company Reports

Nov 11, 2024

Company Reports

Nov 11, 2024

Economic Reports

Nov 11, 2024

Morning Briefs

Nov 11, 2024

Technical Stock Analysis

Nov 11, 2024

Economic Reports

Nov 8, 2024

Technical Stock Analysis

Nov 8, 2024

Morning Briefs

Nov 8, 2024

Economic Reports

Nov 8, 2024

Company Reports

Nov 7, 2024

Technical Stock Analysis

Nov 7, 2024

Morning Briefs

Nov 7, 2024

Economic Reports

Nov 6, 2024

Company Reports

Nov 6, 2024

Technical Stock Analysis

Nov 6, 2024

Morning Briefs

Nov 6, 2024

Economic Reports

Nov 5, 2024

Company Reports

Nov 5, 2024

Economic Reports

Nov 5, 2024

laba antam

Company Reports

Nov 5, 2024

Economic Reports

Nov 5, 2024

Technical Stock Analysis

Nov 5, 2024

Company Reports

Nov 5, 2024

Company Reports

Nov 5, 2024

Economic Reports

Nov 4, 2024