New Trade for September 6th, 2023

Several Wall Street analysts have recently become bullish on copper, predicting a potential price surge. Citi’s projections indicate that copper could experience a remarkable increase of almost 50% by 2025, reaching $12,000 per ton in their base case scenario. In a more optimistic bull case, prices could even double to $15,000 per ton. Similarly, Goldman Sachs forecasted a 25% upside in copper prices over the next 12 months, with a target of $11,000 per ton.

While current copper prices may seem subdued, analysts and financial institutions project a promising future for this versatile metal, prompting investors to consider seizing the potential buying opportunity it presents. Today’s featured stock is set to benefit amid copper’s recovery.

Teck Resources Ltd (TECK)

Copper is expected to play a key role in the shift away from fossil fuels, given it is essential for most electricity-related infrastructure, including wind turbines and solar photovoltaic panel wiring, and to transfer electricity.

Canada’s largest diversified miner, Teck Resources Ltd, recently produced its first bulk of copper concentrate from its Quebrada Blanca 2 (QB2) deposit in Chile. This project is expected to almost double the amount of copper it annually produces.   At full production, Teck expects QB2 to produce 285,000 to 315,000 tonnes of copper annually between 2024 and 2026. Overall, it expects to increase its copper production to between 545,000 and 640,000 tonnes per year in the same period.

TECK’s share price is up 14% in 2023 and currently has a 72% buy rating on Wall Street.   

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