10:56 AM EDT, 06/18/2024 (MT Newswires) -- RBC Capital Markets said in a Tuesday note that North American copper equities are pricing in at US$4.42 per pound of copper compared to the current copper price of $4.30/lb, implying a 3% premium.

According to RBC, this is well above the historical average discount to actual copper at near 12% since 2017. RBC noted copper equities had "front run" the rally in copper prices earlier this year, but "they are more or less trading in step now".

RBC said valuations are "becoming more reasonable", which is "setting up a potential attractive entry point ahead of a positive outlook for copper."

Price: 65.28, Change: -0.27, Percent Change: -0.41