Copper prices are skyrocketing this year as the commodity market is reaching new highs since early January. It is now the most sought-after commodity in the markets as the demand for copper materials is on the rise. Also, copper mining stocks stand to benefit from the demand as investors could make handsome profits in 2024.
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Silver is the top-performing asset in the commodity market as it surged 13.94% year-to-date. Coming second in line is copper, as it spiked 13.2% while gold delivered profits of 12.22%. In the foreign exchange sector, the US dollar came out on top and outperformed all local currencies. The USD rose by nearly 5% in 2024 and beat all expectations. The next in line that could generate good returns is copper stocks.
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Copper Stocks: 3 Mining Firms That Could Benefit From the Demand
The three best copper mining stocks are attracting bullish sentiments in the indices this year in Q2. They have spiked double digits in five months outperforming other sectors by a large margin. Below are the top three copper mining stocks that have a chance to breakout in price:
Also Read: Goldman Sachs Predicts Copper Prices To Surge 20%, Hit $12,000
1. Ivanhoe Electric (IE)
The copper mining firm Ivanhoe Electric’s stock surged 24.17% on the NYSE exchange this year in 2024. It steadily yet sustainably scaled up in the indices delivering constant profits from January to May.
2. Freeport-McMoRan (FCX)
The American copper mining company Freeport-McMoRan’s stock spiked by 22.17% in 2024. The stock was trading at $42 in early January but quickly scaled up the charts hitting a high of 51.59. Investors who took an entry position early this year made handsome profits as their portfolios saw steady growth.
3. Metals Acquisition (MTAL)
Copper mining and mineral properties firm Metals Acquisition saw a surge of 11.66% year-to-date. The forecast suggests that the copper mining stock could spike further in price as the demand for the metal is increasing. This gives the three copper mining firms a ‘buy’ tag and an opportunity for investors to earn decent profits.