ZHEJIANG, CHINA – JULY 23: (CHINA MAINLAND OUT)Smelting copper in a factory in Zhejiang, China.
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Wall Street banks have picked their top stocks in a copper market look set to rally — some of which are currently trading at a “significant discount.”
Copper is trading close to eight-year highs, but there is further to go, according to Bank of America. Goldman Sachs, meanwhile, said the metal could reach record highs in the first half of 2022.
Morgan Stanley’s analysts on Monday said that copper stocks were “in a sweet spot” right now, highlighting that miners of the metal had seen almost 63% in total shareholder returns since the start of last year. The analysts expect another 30% upside in 2021.
Wall Street’s favorite copper stocks for the year are: