Copper prices are in the midst of a sharp rally, and there are a few stocks investors could check out to play the trend, according to Strategas. Last week, the futures contract for May delivery of copper jumped to its highest level since January 2023, touching $4.2565 on Thursday. The recent price action in the brassy metal caught the attention of Chris Verrone, head of the firm's technical strategy and macro research team.
In January, Bernstein analyst Bob Brackett upgraded the name to an outperform rating. He called out a possible "significant catalyst" in 2024: The prospect of Indonesia extending a special mining license – known as the IUPK – for FreeportMcMoran's Grasberg mine. "The catalyst may come to fruition soon as the Indonesian government grants a 2x10-year IUPK extension from 2041 to 2061," Brackett wrote. Fellow miner Southern Copper has soared 28% so far this year.