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Company Reports

30 December 2024

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Copper Weekly (23-27 December 2024): Avg. USD 8,843/ton (-0.1% WoW)

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.

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