Copper is often seen as one of the "barometers" of the macro economy, because its price is greatly influenced by the overall economic environment. Its production and consumption are closely related to macroeconomic operations, earning it the nickname "Dr. Copper".
If you're bullish on global economic growth, electric vehicles, and green energy, there's no reason not to be bullish on copper too. Fortunately, the US stock market offers investors a wide range of mining and metal companies, as well as exchange-traded funds (ETFs).
Here are the 6 most worthwhile US stock copper stocks and ETFs for investors in 2024:
Company | Ticker | Market Cap (in billions) | Previous Price | YTD 2024 |
Freeport-McMoRan | FCX | $67.30 | $49.47 | 16.21% |
Invesco DB Base Metals Fund | DBB | $9 | $19.05 | 4.10% |
Buenaventura Mining | BVN | $4.20 | $15.88 | 4.20% |
Taseko Mines | TGB | $2.66 | $2.38 | 70% |
Ivanhoe Electric Inc. | IE | $1.20 | $10.58 | 4.96% |
Metals Acquisition Corp | MTAL | $0.50 | $13.46 | 8.90% |
1. $Freeport-McMoRan(FCX)$
Mines gold, silver, and various other metals, but copper is the main driver of its performance; has assets in New Mexico and Colorado in the US, as well as in South America and Indonesia; currently pays an annual dividend of 60 cents per share, representing a dividend yield of 3%.
2. $Invesco DB Base Metals Fund(DBB)$
This ETF invests in copper commodity futures (35.27%) as well as derivatives of aluminum (33%) and zinc (31.54%), suitable for investors with a high risk tolerance; in addition, the fund also holds US Treasury bonds, investment-grade bonds, and high-quality bond funds as collateral securities.
3. $Buenaventura Mining(BVN)$
Has assets in Peru, the US, Asia, and Europe, with copper being a significant source of revenue and profit growth. Apart from metal mining, the company is also involved in energy production and transmission, as well as insurance brokerage.
4. $Taseko Mines(TGB)$
Holds interests in Gibraltar, Florence Copper, Aley Niobium, Yellowhead, New Prosperity, and Harmony projects. In March 2024, it announced the acquisition of the remaining 12.5% stake in the Gibraltar mine.
5. $Ivanhoe Electric Inc.(IE)$
A newly established company in 2020 with the aim of protecting the supply chain of critical metals for US electrification, namely copper, cobalt, nickel, and platinum; possesses exclusive "Typhoon" geophysical exploration technology.
6. $Metals Acquisition Corp(MTAL)$
An acquisition and operation company specializing in metals and mining, committed to decarbonizing the global economy, with its core asset being the CSA copper mine in Australia.
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