Copper stocks have been moving steadily higher recently in anticipation of a turn in the eight week downward trend in the price of copper itself.
Now the price of copper is showing some of the upward movement that the rally in copper stocks anticipated.
For example, Wednesday, June 23, copper for September delivery was up 2.55% on the Comex in New York as of 1:20 p.m. The U.S. Copper Index ETF (CPER) is ahead 2.17%.
On the copper stock side the Global X Copper Miners ETF (COPX) was up 2.44%. Southern Copper (SCCO) gained 1.57%. First Quantum Minerals (FQVLF) was ahead 2.33%. Freeport McMoRan Copper & Gold (FCX) picked up 3.29. That company also announced a 7.5 cents a share dividend payable on August 2 to shareholders of record as of July 15.
The June 23 gains came after copper stocks moved up strongly yesterday as well with Southern Copper gaining 1.04% and Freeport McMoRan adding 1.98%.
Southern Copper is a member of my Dividend Portfolio (up 34% from October 13, 2020), my 50 Stocks Portfolio (up 39% from December 20, 2017) and my Millennial Portfolio (down 22% from May 11, 2021). Global X Copper Miners is a member of my Millennial Portfolio (up 10% from February 11, 2021.)
Full disclosure: I own shares of Southern Copper and First Quantum Minerals in my personal portfolios.