Glencore Benefits from Copper Rally

21 days ago

Khloe Mele

"Yeah, absolutely. So, we were talking yesterday about how good it is to be a kind of a gold and silver miner because of those precious metals rallying, but it's also great to be a copper miner like Glenorg because as you said, copper is seeing that major rally and it is headed for its longest winning run since 2017. Um, and that is because there are growing concerns around the supply chain for copper. There's been quite a lot of disruptions in some big copper mines this year and this really tight supply comes at a time when copper is in really high demand because it's a crucial material for a bunch of different things. We're talking about smartphones, fridges, electric vehicles, power grids, etc. But it's also really essential for data centers and of course that is going to be very important heading into next year as well. So we have this supply and demand dynamic that is fueling that rally and Glenor is a big beneficiary of that and we have seen uh shares rising this morning as that rally continues. So one to watch throughout the trading session today as well."

The commentary highlights Glencore's potential upside driven by a robust copper rally amid supply chain disruptions, noting that strong demand from various industries is supporting the stock. The speaker emphasizes that Glencore is currently benefitting from these tailwinds and is a stock to watch during today's trading session.