Menu
In the last five trading days, copper prices slipped -0.1% WoW to USD 8,843/ton, driven by COMEX copper inventories having risen to 95,638 short tons (+2,445 tons WoW), and LME copper inventories of 272,725 mt, up +2.7% WoW. Coupled with weakening year-end demand and higher DXY index, these factors have kept prices relatively range bound.
On the flip side, increase in China's domestic copper inventories to 105,400 mt (+6,700 mt WoW), supported by stable operations among medium and large copper cathode rod enterprises may support price stability.
We maintain our average FY24 copper forecast at USD 9,150/ton (YTD: USD 9,153/ton), reflecting concerns over the China-US trade war and global economic uncertainty. MDKA remains our top pick, with a TP of IDR 2,000 (EV/EBITDA FY25: 10.5x), supported by its path to profitability in 2024 and the anticipated completion of the Weda Bay smelter in 4Q24.
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
