In what remains of 2020, copper has 8/9 odds (implied probability of 53%) of reaching $3.05/lb; 9/4 odds (implied probability of 31%) of reaching $3.27/lb; 11/2 odds (implied probability of 15%) of reaching $3.37/lb.
Next year is a different ball game, however: On the back of this year’s performance, preliminary conditional odds indicate a year marked by better-than-average gains. Consequently, we plan to hold both Ivanhoe Mines and Hudbay Minerals for up to an additional 16 months.
