FYI RBC Capital Markets analyst Sam Crittenden identified growing optimism in the copper market,
“Copper was up 4.5% last week before opening this week higher at $4.48/lb. Copper exchange inventories were down -0.9% w/w, while net long/short copper positioning moved increasingly net long to 47.6k from 42.7k last week … Speculative fund interest continues to flow into copper with gross long positions increasing 105% YTD and short positions increasing 57% YTD as funds rotate into commodities with the balance of net long/short positioning growing increasingly net long on the back of positive views on copper. Near[1]term physical copper indicators remain mixed with inventories still relatively elevated and physical premiums declining while global growth continues to be slow to recover. However, speculative interest in expressing long-term conviction in copper with clear supply deficits and growing electrification[1]related demand has continued to drive the copper price higher”
Mr. Crittenden’s bullishness is reflected in the large number of stocks he rates outperform – Arizona Sonoran Copper, Teck Resources, Ivanhoe Mines, First Quantum Minerals, Champion Iron, Capstone Copper, Major Drilling Group International, Filo Corp., Marimaca Copper Corp., Solaris Resources and Capstone Mining Corp.