Book 6% Profits in 3 Weeks: Copper Prices Inching Towards $10,000

Copper prices have picked up steam in March as the metal is steadily scaling up in the indices. Prices have climbed above the $9,500 mark as the bulls are looking to regain control of the $10,000 range. The industrial-grade metal had hit an all-time high of $10,857 in May last year and is now looking to reclaim its lost territory.

Commodity investors could make use of the rally by taking an entry position in copper as prices could hit $10,000 by the month’s end. That’s an uptick and return on investment of approximately 5% to 6% from its current price of $9,595. Therefore, an investment of $10,000 could turn into $10,500 in the next three weeks if it maintains its positive momentum.

Copper Stocks Could Gain the Most

As prices soar, leading stocks could see a surge this month and could become the top-performing assets in March. US stocks such as BHP Group, Freeport-McMoRan, Teck Resources, Southern Copper, and Rio Tinto could gain the most. The metal is among the most important minerals in industries to manufacture automobiles, combusting engines, and wind turbines.

The functioning of industries, electric vehicles, and electric grids need the metal to operate.said American Pacific CEO Warwick Smith to Kitco News.

he said indicating that stocks could spike in value.

he said.