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Given copper’s broad applications in electric vehicle (EV) production and the sustainable energy industry, the demand for copper is expected to remain high over the long term. However, underinvestment in the commodity has resulted in a supply crunch. According to Bank of America (NYSE:BAC), copper is expected to exceed $20,000 a ton by 2024, with copper inventories currently hovering levels akin to 15 years ago.
Given this backdrop, we believe leading copper mining stocks Rio Tinto Group (RIO), Vale S.A. ADR (VALE), and Southern Copper Corporation (SCCO) should deliver significant returns in the near term.
