Research & Stock Picks

Company Reports

14 October 2024

By

Copper Weekly (14 October 2024): USD 9,618/ton (-1.8% WoW)

Recent Catalysts Driving the Price

  • Between 07 – 11 October 2024, copper prices fell -1.8% WoW to USD 9,618/ton. Weakening global demand, particularly from China, has dragged down the market. Furthermore, the slowdown in China’s property sector and lack of significant industrial-related government stimulus led to considerable decline in global copper consumption.
  • Additionally, stronger U.S. dollar, driven by expectations of prolonged high-rate policy, has made copper more expensive for buyers, further dampening demand. High inventories in China (c.82,600 tons) have also contributed to the downward pressure on prices.
  • We maintain our average FY24 copper forecast at USD 9,200/ton (YTD: USD 9,157/ton) despite potential headwinds against China’s industrial growth amid global economic slowdown concerns. We retain MDKA as our top pick, with TP IDR 3,000 (EV/EBITDA FY24: 10.9x), thanks to its potential to reach profitability in 2024 and the anticipated completion of Weda Bay smelter in 4Q24.

Share This:

tembaga mengalami kenaikan

Download PDF

Download PDF

UPDATE_Copper_Weekly_20241014

Download PDF

UPDATE_Copper_Weekly_20241014

More Related

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

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