Portfolio Performance Overview
The Copper Portfolio has experienced a challenging week as copper prices retreated on concerns over global economic growth and demand from China. As of July 17, 2026, the portfolio’s open positions are predominantly in negative territory, with an average return of approximately -6.5%. The worst performer is Solaris Resources (SLSR) at -20.81%, while Southern Copper (SCCO) and Nevsun Resources (EOG) have managed slight gains.
Key Drivers
The primary headwind has been a 5% decline in copper futures over the past month, driven by weak manufacturing data from China and a stronger US dollar. However, the long-term thesis for copper remains robust, underpinned by global electrification, renewable energy infrastructure, and electric vehicle adoption. The portfolio’s diversified exposure across geographies and stages of production provides a buffer against company-specific risks.
Positions Closed
We have decided to close two positions this week:
- Solaris Resources (SLSR): Despite the thematic fit, the stock has declined over 20% with no near-term catalysts. The company faces permitting delays and higher costs. We are closing to reallocate capital to more promising opportunities.
- Codelco (CODELCO): This position has never traded with meaningful price data, indicating potential liquidity or listing issues. It is non-functional and has been removed.
Portfolio Positioning
The portfolio remains heavily weighted toward copper producers and developers. Key holdings include Freeport-McMoRan (FCX), Teck Resources (TECK), and First Quantum Minerals (FQVLF). We maintain a neutral to slightly overweight stance on copper, expecting a recovery as global infrastructure spending accelerates.
What to Watch
Investors should monitor upcoming earnings reports from major miners, Chinese economic stimulus announcements, and copper inventory levels. The Federal Reserve’s interest rate decisions will also impact the dollar and commodity prices.
Risk Disclaimer
This article is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results. Investing in equities, especially in volatile sectors like mining, carries significant risk. Consult a financial advisor before making investment decisions.