FIRST QUANTUM MINERALS

The Bank of Canada announced on Wednesday a 25 basis point reduction in interest rates, marking the first cut since March 2020, as widely anticipated by market participants. Consequently, the benchmark overnight rate and the deposit rate have been lowered to 4.75%, while the Bank Rate is now at 5%. The decision to lower rates stems from evidence indicating that underlying inflation is easing. The Governing Council concluded that monetary policy “no longer needs to be restrictive,” leading to a 25 basis point reduction in interest rates. Policymakers noted that Canada’s economic growth was slower than expected in the first quarter, primarily due to weaker inventory investment affecting overall activity. Labor market data ...Full story available on Benzinga.com

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The investment landscape for copper has been ignited by recent bullish predictions, particularly from prominent hedge fund manager Pierre Andurand. Andurand's forecast of copper prices reaching $40,000 per tonne underscored a compelling investment opportunity in copper miner stocks and the Global X Copper Miners ETF (NYSE:COPX). Here are the drivers behind his optimistic outlook for copper. Benzinga will also touch upon the performance and holdings of the Global X Copper Miners ETF and examine technical indicators to present a comprehensive case for investors. Copper Demand-Supply Dynamics Copper, a critical metal in the energy transition, is poised for significant demand growth. Andurand’s prediction is based on the increasing electrification of the world, including: electric vehicles renewable energy infrastructure military applications data centers As these sectors expand, the demand for copper is expected to double, outpacing supply, which traditionally takes about 15 years to develop new mines. Pierre Andurand's Bullish Outlook For Copper Andurand, known for his success in commodities trading, shifted his focus to copper after experiencing setbacks in the oil market. His Commodities Discretionary Enhanced fund rebounded from a 55% loss last year and is now up 83% year-to-date, largely due to diversified commodity investments. He believes current ...Full story available on Benzinga.com

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