Copper To $40,000 A Tonne, Says Hedge Fund Titan Pierre Andurand: What ETF Investors Should Watch
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 27 2024
0mins
Source: Benzinga
- Bullish Copper Predictions: Hedge fund manager Pierre Andurand predicts copper prices could reach $40,000 per tonne, highlighting investment opportunities in copper miner stocks and the Global X Copper Miners ETF COPX.
- Drivers of Optimism: Andurand's forecast is based on increasing demand for copper driven by sectors like electric vehicles, renewable energy infrastructure, military applications, and data centers.
- Andurand's Shift to Copper: After setbacks in the oil market, Andurand shifted focus to copper, leading to significant gains in his Commodities Discretionary Enhanced fund.
- Global X Copper Miners ETF: The ETF offers exposure to leading copper mining companies with impressive returns and a diversified portfolio.
- Technical Indicators: Technical analysis of the Global X Copper Miners ETF shows a moderately bullish trend, supported by indicators like moving averages, MACD, RSI, and Bollinger Bands.
Analyst Views on FCX
Wall Street analysts forecast FCX stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for FCX is 52.40 USD with a low forecast of 44.00 USD and a high forecast of 68.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
15 Analyst Rating
14 Buy
1 Hold
0 Sell
Strong Buy
Current: 58.850
Low
44.00
Averages
52.40
High
68.00
Current: 58.850
Low
44.00
Averages
52.40
High
68.00
About FCX
Freeport-McMoRan Inc. is an international metals company focused on copper. The Company operates geographically diverse assets with significant proven and probable mineral reserves of copper, gold and molybdenum. The Company's segments include the Morenci and Cerro Verde copper mines, the Indonesia operations (including the Grasberg minerals district and PT-FI’s downstream processing facilities), the Rod & Refining operations and Atlantic Copper Smelting & Refining. Its operations include North America, South America and Indonesia. In North America, it manages seven copper operations: Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico, and two molybdenum mines: Henderson and Climax in Colorado. It also operates a copper smelter in Miami, Arizona. In South America, it manages two copper operations: Cerro Verde in Peru and El Abra in Chile. In addition to copper, the Grasberg minerals district also produces gold and silver.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
