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Copper is used in data centers for power cables, electrical connectors, power strips and more, Jefferies noted in an April 10 note. It estimates that global copper demand by data centers will increase from 239 kt (thousand tons) in 2023 to at least 450 kt per annum in 2030. "Hopes for GenAI / data centre copper demand growth are adding to investor bullishness on copper, against a backdrop of constrained supply," it wrote. For those looking to buy into the sector, CNBC Pro screened for stocks in the Global X Copper Miners ETF. In addition to the Global X Copper Miners ETF, those who want to invest in this sector via exchange-traded funds can consider the Sprott Copper Miners ETF and the iShares Copper and Metals Mining ETF.
Persons: Jefferies, Morgan Stanley, It's Organizations: CNBC Pro, Copper Miners, Solaris Resources, Filo Mining, Miners, Metals Mining
Copper is having a good month, with both prices and mining stocks trading well in the green. Benchmark copper prices on the London Metal Exchange jumped over 7% last week on hopes that Covid restrictions in China would soon be lifted, although prices have since pared gains. Still, falling inventories and fresh disruptions at the world's second-largest copper producer in Peru continue to support prices. Against this backdrop, CNBC Pro screened the Global X Copper Miners ETF on FactSet for stocks that analysts expect to outperform, using the following criteria: Upside to average price target of at least 15%. Analysts covering the stock put its upside at nearly 19%, and 77% give it a buy rating, according to FactSet.
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