The 10 Best Copper Stocks For 2024
This post is a rundown of the top copper stocks for you to invest in this new year.
Copper is a material that many traders in metal stocks often overlook. Not nearly as rare or as highly priced as either gold or silver, it's understandable by copper might not be too high on the mind of someone looking to invest in metals stocks.
But as many experienced traders might tell you, copper is one of the most valuable metals in the world in terms of reach. The material is essential in many different industries. It's used for electrical products like wires, motors, mobile devices, while also being needed in consumer ware and interior components of housing.
And as the demand for electric vehicles rises, the need for copper is only about to increase as well. Even now, copper is being rapidly consumed for its ability to offer durability, high conductivity, and efficiency, and is used in EV vehicles, charging stations, and other EV-related products.
The recycling of copper is also being seen as an emerging industry too, especially as the overall sustainability of copper mining is being called into question.
Now that we're entering a new year, there's a lot of positive buzz surrounding copper's potential to provide handsome profit. If you're one of those traders looking to cash in on this lucrative metal, here's a list of the best copper stocks we're watching for 2024!
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1. Freeport-McMoRan (FCX)
Freeport-McMoRan is a major global copper producer with mines located around the world. The company offers a modest dividend yield and has demonstrated impressive returns with a 230%+ gain over the past year, showcasing its potential for continued strong performance.
2. Southern Copper Corporation (SCCO)
Southern Copper Corporation is a Mexico-based copper giant with a focus on robust production output. It offers an attractive dividend yield of 3.85% and has shown resilience with a 64%+ return even during periods of market uncertainty.
3. BHP Group (BHP)
BHP Group is a diversified mining company with significant interests in copper alongside other resources. The company offers investors a substantial dividend yield of 11.88% and has provided a solid 43%+ return over the last 12 months.
4. Rio Tinto (RIO)
Rio Tinto is one of the world's largest mining operations and places an emphasis on sustainable practices. It offers a very attractive dividend yield of 10.35% for income-oriented investors.
5. First Quantum Minerals (FM)
First Quantum Minerals is a growing copper producer with a focus on operations in Africa and Europe. The company's ambitious expansion plans signal the potential for significant upside for investors.
6. Teck Resources (TECK)
Teck Resources Limited is a natural resources firm with a diversified portfolio that includes copper, zinc, and other metals. The company boasts a global presence with operations in numerous countries. Over the past 12 months, the company has delivered an impressive 102% return on investment. Analysts are optimistic, with Deutsche Bank recently upgrading the stock to a "Buy from Hold" rating and setting a $30 price target. While the dividend yield is modest at 0.55%, it offers a potential bonus for income-seeking investors.
7. Ivanhoe Mines (IVN)
Ivanhoe Mines is a development-stage company with large-scale copper projects in the pipeline. This stock carries a higher risk profile but also offers the potential for significant rewards if its projects are successful.
8. Glencore (GLEN)
Glencore is a global natural resource company with significant exposure to copper alongside its other operations.
9. Antofagasta (ANTO)
Antofagasta is a Chilean copper mining company known for its strong operational efficiency and consistent production.
10. Hudbay Minerals (HBM)
Hudbay Minerals is a copper and zinc producer with assets located in North and South America. The stock has shown impressive potential with a 116%+ return over the past year.
Bottom Line...
And those were the 10 best copper stocks to invest in this 2024. Whereas gold or other minerals might be offer higher returns, copper is often the safer bet when engaging in metals investment. And although there's no such thing as guarantees where the stock market is concerned, these copper stocks come pretty close enough.
It's important to note though that proper research and close observation are essential when investing in copper stocks. Do your research on the copper industry, copper prices, copper production, even copper miners ETF.
When you're armed with the right information and are hands-on with the management of your finances, the chances of your investments bearing fruit increases dramatically. Practicing your due diligence is important. On that front, we certainly hope this article was helpful. Happy trading!
