Research & Stock Picks

Company Reports

11 November 2024

By

Copper Weekly (11 November 2024): USD 9,410/ton (+0.02% WoW)

Recent Catalysts Driving the Price

  • Between 04 – 08 November 2024, copper prices remained flattish (+0.02% WoW at USD 9,410/ton. The rapid pace of energy transition in China, as reflected by the drop in inventories to 192,500 mt (-8.2% WoW), fueled copper market optimism. Furthermore, the recently announced CNY 10tn stimulus is expected to improve macroeconomic conditions and stabilize China's property sector, adding further momentum to the copper market.
  • Copper gained another boost from the Fed's 25 bps rate cut, which is anticipated to stimulate growth in property and semiconductor sectors, increasing copper demand. However, concerns regarding potential trade war between China and the US following Donald Trump’s election victory weighed on prices in the near term.
  • We maintain our average FY24 copper forecast at USD 9,200/ton (YTD: USD 9,182/ton), primarily due to China’s industrial growth potential and supply concerns. 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 Weda Bay smelter in 4Q24.

Share This:

Download PDF

Download PDF

UPDATE_Copper_Weekly_20241111

Download PDF

UPDATE_Copper_Weekly_20241111

More Related

Economic Reports

Dec 3, 2024

Technical Stock Analysis

Dec 3, 2024

Company Reports

Dec 2, 2024

Company Reports

Dec 2, 2024

Economic Reports

Dec 2, 2024

Economic Reports

Dec 2, 2024

Morning Briefs

Dec 2, 2024

Technical Stock Analysis

Dec 2, 2024

Morning Briefs

Nov 29, 2024

Technical Stock Analysis

Nov 29, 2024

Economic Reports

Nov 28, 2024

Company Reports

Nov 28, 2024

Technical Stock Analysis

Nov 28, 2024

Morning Briefs

Nov 28, 2024

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