3 Stocks To Watch As Copper Surges To Record Highs: 'Something Is Cooking In China'
3 Stocks To Watch As Copper Surges To Record Highs: 'Something Is Cooking In China'
Copper prices continue to reach new record highs daily, soaring to $5.17 per pound on Tuesday, driven by improving market conditions.
受市場狀況改善的推動，銅價每日繼續創下歷史新高，週二飆升至每磅5.17美元。
The metal has surged over 30% year to date, setting the stage for its best-performing year since 2010. Additionally, copper has jumped 28% in the last two months, marking its best two-month streak since April 2009.
迄今爲止，該金屬價格已飆升了30％以上，爲其自2010年以來表現最佳的一年奠定了基礎。此外，銅價在過去兩個月中上漲了28％，創下了自2009年4月以來最好的兩個月漲幅。
The performance of copper miners has also been outstanding. The Global X Copper Miners ETF (NYSE:COPX) has achieved 12th positive weeks in the last 14, rallying 40% year to date.
銅礦商的表現也非常出色。Global X銅礦業ETF（紐約證券交易所代碼：COPX）在過去14週中取得了第12周的正增長，今年迄今已上漲40％。
Two primary factors are fueling the rise in copper prices: increasing demand from electrification and strategic stockpiling by China.
推動銅價上漲的兩個主要因素：電氣化需求的增加和中國的戰略儲備。
Electrification Demand Kicks In
電氣化需求啓動
Bank of America analysts noted that "renewables, EVs, and other new uses of copper – such as data centers and AI – combined with supply-side issues are driving tight markets."
美國銀行分析師指出，“可再生能源、電動汽車和銅的其他新用途，例如數據中心和人工智能，加上供應方面的問題，正在推動市場緊張。”
The investment bank also highlighted that decarbonization efforts lead to higher metal usage, often replacing hydrocarbons with electrification, which translates to more copper usage.
該投資銀行還強調，脫碳工作會提高金屬使用量，通常用電氣化代替碳氫化合物，這意味着更多的銅使用量。
China's Strategic Stockpiling
中國的戰略儲備
A significant dynamic in the copper market is China's hoarding of copper.
銅市場的一個重要動態是中國的銅囤積。
Macroeconomist Andreas Steno Larsen highlighted in a recent post that China's copper inventories are at an all-time high for this time of year.
宏觀經濟學家安德烈亞斯·斯特諾·拉森在最近的一篇文章中強調，每年的這個時候，中國的銅庫存創歷史新高。
"Something is cooking in China," Larsen remarked on social media platform X. He explained that China typically uses its copper stock at this time of year, but instead, they are building their stockpile while copper prices surge.
拉森在社交媒體平台X上說：“中國正在發生一些事情。” 他解釋說，中國通常在每年的這個時候使用銅庫存，但相反，他們在銅價飆升的同時增加庫存。
Larsen suggests that China is gearing up its green tech capacity, predicting that European markets will be inundated with subsidized Chinese solar panels, EVs, and wind turbines through 2024 and 2025.
拉森表示，中國正在加大其綠色科技產能，並預測到2024年和2025年，歐洲市場將充斥補貼的中國太陽能電池板、電動汽車和風力渦輪機。
This strategic move has allowed China to secure a strong supply chain, challenging European companies' competitiveness.
這一戰略舉措使中國得以確保強大的供應鏈，挑戰了歐洲公司的競爭力。
The economist warned that the upcoming weeks are going to be crucial for copper markets as the Yangshan Copper Cathode is now traded at a discount to LME spot, which is highly unusual.
這位經濟學家警告說，接下來的幾周對銅市場至關重要，因爲陽山銅陰極現在的交易價格低於倫敦金屬交易所現貨的價格，這是非常不尋常的。
The market will closely watch whether China decides to export copper, or if this stockpiling is a deliberate strategic move to dominate supply chains.
市場將密切關注中國是否決定出口銅，或者這種儲備是否是主導供應鏈的蓄意戰略舉措。
"We are betting on the latter," Steno Larsen stated.
斯特諾·拉森說：“我們押注後者。”
SOMETHING IS COOKING IN CHINA
— Andreas Steno Larsen (@AndreasSteno) May 19, 2024
China typically uses its stock of Copper this time a year.
Instead they are building stock, while the price of Copper surges. Are you paying attention?
More -> pic.twitter.com/HkJDzf2W5g
中國有東西在煮東西
— 安德烈亞斯·斯泰諾·拉森 (@AndreasSteno) 2024 年 5 月 19 日
中國通常每年這個時候使用其銅庫存。
相反，它們正在積累股票，而銅價卻在飆升。你在注意嗎？
更多-> pic.twitter.com/hkjdzf2W5
Top Copper-Linked Stocks Recommended by Bank of America
美國銀行推薦的頂級銅掛鉤股票
Bank of America has identified three top copper-linked stocks for investors:
美國銀行已經爲投資者確定了三隻與銅掛鉤的頂級股票：
- Antofagasta plc (OTCPK: ANFGF) as a volume-growth story.
- Freeport McMoRan Inc. (NYSE:FCX) considered "a go-to blue-chip copper exposure."
- TECK Resources Ltd (NYSE:TECK): Following the sale of its coal assets, TECK has become a new, inexpensive copper "pure play" with growth options.
- 安託法加斯塔有限公司（OTCPK：ANFGF）是一個銷量增長的故事。
- 自由港麥克莫蘭公司（紐約證券交易所代碼：FCX）認爲 “藍籌銅風險敞口是首選”。
- 泰克資源有限公司（紐約證券交易所代碼：TECK）：在出售其煤炭資產後，泰克已成爲一傢俱有增長選擇的新型、廉價的銅業 “純公司”。
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Image generated using artificial intelligence via Midjourney.
通過 Midjourney 使用人工智能生成的圖像。
譯文內容由第三人軟體翻譯。