Dr Copper

Often called Dr. Copper for its uncanny ability to reflect the health of the global economy, the metal is once again in the spotlight as traders brace for a major shift. Trump’s tariff threats are driving a massive flow of copper into the US, creating sharp price dislocations, draining global inventories, and tightening supply — especially in China, the world’s top consumer. We are invested in the sector in our SSF - European Value Fund through the Swedish mining company Boliden, a local player in copper and a clear beneficiary of electrification trends driven by EV adoption and the green energy transition. The stock price of this business, backed by a strong management team and with a solid balance sheet, is up 15% this year but still trades at below 10 times trailing earnings.