Buy stocks and copper says this major broker
Buy base metals, particularly copper
Citi likes copper for a few reasons:
As a result of the above, Citi’s commodity strategists believe that “everything below 9k is cheap for copper”. FYI, copper is currently trading around US$8,700/t.
- The global manufacturing PMI is turning up and copper “performs well” when this happens
- Copper tends to rise in line with equity market bubbles, like the one we’re in now, as the wealth effect from stocks tends to lift copper consumption
- The long term energy transition is creating structural shift towards increased copper consumption
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