5 Best Copper Stocks To Buy For 2023

In this article, we discuss 5 best copper stocks to buy for 2023. If you want to see more stocks in this selection, check out 10 Best Copper Stocks To Buy for 2023. 

5. Rio Tinto Group (NYSE:RIO)

Number of Hedge Fund Holders: 29

Rio Tinto Group (NYSE:RIO) is a global company that explores, mines, and processes mineral resources worldwide. It provides a range of resources such as aluminum, copper, iron ore, diamonds, gold, borates, titanium dioxide, salt, silver, molybdenum, and lithium. Rio Tinto Group (NYSE:RIO), founded in 1873, is headquartered in London, UK. On March 13, Rio Tinto Group (NYSE:RIO) announced that it has commenced underground mining at the Oyu Tolgoi copper mine in Mongolia, which will expand the operation and make it the fourth-largest copper mine globally by 2030. It is one of the best copper stocks to invest in. 

On March 2, Goldman Sachs upgraded Rio Tinto Group (NYSE:RIO) to Conviction Buy from Buy. The firm stated that the stock has attractive relative valuation when compared to its competitors, as well as impressive free cash flow and dividend yield. Additionally, Goldman Sachs is optimistic about the prices of iron ore, aluminum, and copper, and Rio Tinto Group (NYSE:RIO) is expected to experience substantial production growth in iron ore and copper.

According to Insider Monkey’s fourth quarter database, 29 hedge funds were bullish on Rio Tinto Group (NYSE:RIO), compared to 26 funds in the prior quarter. Rajiv Jain’s GQG Partners is the largest stakeholder of the company, with 8.4 million shares worth $600 million.