Research & Stock Picks

Company Reports

26 August 2024

By

Copper Weekly (26 August 2024): USD 9,108/ton (+2.3% WoW)

Recent Catalysts Driving the Price

  • Between 19–23 August 2024, copper prices increased +2.3% WoW, reaching 11-month high, driven by the Federal Reserve’s hints of potential rate cuts and the slowdown in bond sell-off. The weaker US dollar, resulting from the Fed’s dovish stance, made copper more affordable for foreign investors, boosting demand.
  • Fastmarkets' latest report projects refined copper demand to grow 2.6% CAGR, reaching 35.1 million tons by 2034, up from 26.5 million tons in 2023. The energy transition sector, including solar, wind, and EVs, will drive much of this growth, with copper demand in these industries expected to rise 11.2% CAGR. The EV sector alone is anticipated to grow 13.7% CAGR, accounting for over half of energy transition-related demand by 2034.
  • We maintain our average FY24 copper price forecast at USD 9,500 per ton (YTD: USD 9,114/ton). On the stock front, we retain MDKA as our top pick, with TP of IDR 3,300 (EV/EBITDA FY24: 12.2x), reflecting 40% upside potential, as the company turns into profit in 2024, supported by its smelter in Weda Bay, Maluku.

Share This:

Download PDF

Download PDF

UPDATE_Copper_Weekly_20240826

Download PDF

UPDATE_Copper_Weekly_20240826

More Related

Morning Briefs

Dec 30, 2024

Morning Briefs

Dec 27, 2024

Technical Stock Analysis

Dec 27, 2024

Company Reports

Dec 24, 2024

laba bank bmri

Company Reports

Dec 24, 2024

laba bni

Company Reports

Dec 24, 2024

Morning Briefs

Dec 24, 2024

Technical Stock Analysis

Dec 24, 2024

Morning Briefs

Dec 23, 2024

Technical Stock Analysis

Dec 23, 2024

Economic Reports

Dec 22, 2024

peluang aces ditengah gejolak ekonomi

Company Reports

Dec 20, 2024

Company Reports

Dec 20, 2024

penurunan nikel

Company Reports

Dec 20, 2024

Technical Stock Analysis

Dec 20, 2024

Morning Briefs

Dec 20, 2024

Economic Reports

Dec 20, 2024

Economic Reports

Dec 19, 2024

Morning Briefs

Dec 19, 2024

Technical Stock Analysis

Dec 19, 2024

Economic Reports

Dec 19, 2024

Economic Reports

Dec 18, 2024

Morning Briefs

Dec 18, 2024

Technical Stock Analysis

Dec 18, 2024

Economic Reports

Dec 17, 2024

Technical Stock Analysis

Dec 17, 2024

Economic Reports

Dec 16, 2024

Economic Reports

Dec 16, 2024

Morning Briefs

Dec 16, 2024

Technical Stock Analysis

Dec 16, 2024

Morning Briefs

Dec 13, 2024

Technical Stock Analysis

Dec 13, 2024

Economic Reports

Dec 13, 2024

Technical Stock Analysis

Dec 12, 2024

Morning Briefs

Dec 12, 2024

Morning Briefs

Dec 11, 2024

Technical Stock Analysis

Dec 11, 2024

Economic Reports

Dec 10, 2024

Technical Stock Analysis

Dec 10, 2024

Economic Reports

Dec 10, 2024

Morning Briefs

Dec 9, 2024

Technical Stock Analysis

Dec 9, 2024

Tantangan Batu Bara di Akhir 2024

Company Reports

Dec 6, 2024

tekan harga tembaga

Company Reports

Dec 6, 2024

pertumbuhan solid oil n gas

Company Reports

Dec 6, 2024

Company Reports

Dec 6, 2024

Technical Stock Analysis

Dec 6, 2024

Economic Reports

Dec 6, 2024

Morning Briefs

Dec 5, 2024

Technical Stock Analysis

Dec 5, 2024

Economic Reports

Dec 5, 2024

tren harga CPO

Company Reports

Dec 4, 2024

Morning Briefs

Dec 4, 2024

Technical Stock Analysis

Dec 4, 2024

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