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

laba astra

Company Reports

Oct 15, 2024

Economic Reports

Oct 15, 2024

Technical Stock Analysis

Oct 14, 2024

Morning Briefs

Oct 14, 2024

Economic Reports

Oct 11, 2024

Technical Stock Analysis

Oct 11, 2024

Morning Briefs

Oct 11, 2024

Economic Reports

Oct 10, 2024

Morning Briefs

Oct 10, 2024

Technical Stock Analysis

Oct 10, 2024

Economic Reports

Oct 9, 2024

Technical Stock Analysis

Oct 9, 2024

Morning Briefs

Oct 9, 2024

Economic Reports

Oct 8, 2024

Technical Stock Analysis

Oct 8, 2024

Morning Briefs

Oct 7, 2024

Technical Stock Analysis

Oct 7, 2024

Economic Reports

Oct 4, 2024

Technical Stock Analysis

Oct 4, 2024

inflasi tahunan indonesia

Morning Briefs

Oct 4, 2024

Technical Stock Analysis

Oct 3, 2024

Morning Briefs

Oct 3, 2024

Economic Reports

Oct 2, 2024

Technical Stock Analysis

Oct 2, 2024

Morning Briefs

Oct 2, 2024

Economic Reports

Oct 1, 2024

bank jago

Company Reports

Oct 1, 2024

laba bank bmri

Company Reports

Oct 1, 2024

Economic Reports

Oct 1, 2024

Economic Reports

Oct 1, 2024

Technical Stock Analysis

Oct 1, 2024

Economic Reports

Sep 30, 2024

Technical Stock Analysis

Sep 30, 2024

Morning Briefs

Sep 30, 2024

Technical Stock Analysis

Sep 27, 2024

Economic Reports

Sep 27, 2024

Morning Briefs

Sep 27, 2024

Technical Stock Analysis

Sep 26, 2024

Morning Briefs

Sep 26, 2024

Economic Reports

Sep 25, 2024

Morning Briefs

Sep 25, 2024

Technical Stock Analysis

Sep 25, 2024

Technical Stock Analysis

Sep 24, 2024

Economic Reports

Sep 24, 2024

Economic Reports

Sep 23, 2024

Technical Stock Analysis

Sep 23, 2024

Morning Briefs

Sep 23, 2024

peluang aces ditengah gejolak ekonomi

Company Reports

Sep 20, 2024

Technical Stock Analysis

Sep 20, 2024

Economic Reports

Sep 20, 2024

Morning Briefs

Sep 20, 2024

Economic Reports

Sep 19, 2024

Morning Briefs

Sep 19, 2024

Economic Reports

Sep 18, 2024

Economic Reports

Sep 18, 2024

Morning Briefs

Sep 18, 2024

Technical Stock Analysis

Sep 18, 2024

Economic Reports

Sep 17, 2024

Technical Stock Analysis

Sep 17, 2024

Technical Stock Analysis

Sep 13, 2024

Morning Briefs

Sep 13, 2024

laba astra

Company Reports

Sep 12, 2024

Economic Reports

Sep 12, 2024

Morning Briefs

Sep 12, 2024