Why this fundie thinks 2023 will be the year for copper

How have you changed your positioning recently to capitalise on China’s faster-than-expected reopening?speed at which the COVID-zero policy was relaxedJames Stewart has reduced the fund’s exposure to iron ore miners given the powerful rally in prices.We were already positioned long copper , but added a long position in iron ore to capitalise on increasing activity.

We have focused on the larger more liquid names, like Newcrest and Evolution, as well as some larger international names, though I’m not giving any advice or making any recommendations here.2023 as being the year for copper Physical copper inventories are low, geopolitics is negatively affecting supply, particularly in South America, but demand is set to increase. The market fundamentals support a rosy outlook for copper.Battery materials are riding a long secular thematic with the shift to renewable energy, decarbonisation, and the greater need for energy security .from non-traditional sources, in lithium specifically, while buying from battery producers has temporarily slowed.

Acceptance of nuclear production as an alternative to fossil fuel generation is increasing globally, while production is down globally. Inventory is also much better understood than the past few years, with most inventory now held in physical exchange traded fund-style vehicles.

Source: News Formal (newsformal.com)

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