Copper prices reaching record highs due to demand from electrification and strategic stockpiling by China. Top stock picks include ANFGF, FCX, and TECK.
Performance in April 2024: Utilities lead, real estate lags. S&P 500, Nasdaq 100, Dow Jones Industrial Average, small-cap and large-cap indices all decline.
Multinational miner BHP's bid for Anglo American may not be enough as other miners are likely to make rival bids for copper assets. Global demand for copper is expected to increase for clean energy.
In a recent shift, Wall Street is demonstrating an increased interest in copper, a trend driven by the metal's growing use in data centers, which are essential for artificial intelligence (AI) operations.
Copper prices rise on supply shortages and optimism about the broader economy, making it a leading economic indicator. Chinese economy and interest rates also play a role.
We performed a screening of mid-cap ETFs - defined as having Assets Under Management (AUM) between $2 billion and $10 billion - to determine what funds had the largest change in net assets on the week, according to data from etfdb.com. Only non-leveraged funds were considered.