--- title: "“Dr. Copper” Expands His Role" type: "News" locale: "en" url: "https://longbridge.com/en/news/296743034.md" description: "Goldman Sachs' Samantha Dart views copper as shifting from a cyclical economic indicator to a stable growth driver due to AI, grid, and defense demand. She remains bullish on oil long-term given supply risks and sees gold supported by central bank buying to diversify away from dollar exposure. The article highlights investment opportunities in First Quantum Minerals and Rio Tinto for direct copper exposure." datetime: "2026-08-24T06:03:44.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296743034.md) - [en](https://longbridge.com/en/news/296743034.md) - [zh-HK](https://longbridge.com/zh-HK/news/296743034.md) generator: "portal-rs" --- # “Dr. Copper” Expands His Role *Barron’s* recently published a thoughtful interview with Samantha Dart, the co-head of global commodities research at Goldman Sachs. I think it’s worth mentioning here since she touched on several of the themes that I’ve repeatedly discussed this year in the *Cabot Turnaround Letter*. As an analyst who is heavily focused on the resources sector, Dart’s views on commodities will obviously carry a degree of professional bias. But a lot of what she said in the interview makes sense from both a current event and secular trend perspective. One of the questions she was asked by *Barron’s* is how copper’s role has changed in recent years from its reputation of being able to effectively diagnose the global economy’s overall health (hence, the “Dr. Copper” moniker) to being more of an all-weather commodity that is becoming less cyclical. For instance, demand for the red metal has been historically tied to things like construction, industrial and consumer electronics growth, so when the demand tied to those segments cooled off and copper’s price experienced a corresponding decline, it would often presage a broader economic downturn. \[text\_ad\] However, as Dart pointed out, with the ongoing AI infrastructure spending boom—along with investments in the grid and ever-growing levels of defense spending—copper’s cyclicality is smoothing out as demand for the metal is becoming more consistent and turning into “a much more solid growth trend” (in her words). Moving on to oil and gas, she also noted that EV sales and solar panel sales have “moved a lot” during the recent Middle East war, prompting Dart to wonder how much of that demand is part of the new structural trend or whether it might slow down again if war abates. She believes the next six months will reveal the answer to that question but sees supply-related shocks remaining a major concern going forward—especially since most oil supply comes from either Russia or the Middle East. As a result, she’s bullish on oil in the long term and believes exposure to the energy sector should be part of a balanced investment portfolio, along with exposure to copper and other industrial metals. Finally, on the subject of gold, Dart sees opportunity in the yellow metal’s recent correction and believes the gold bull “isn’t done.” Instead, she sees that gold has “very strong structural support coming from central bank buying.” A big reason for this institutional push is that central banks and other entities are trying to reduce their exposure to dollar funds that could end up getting frozen in a scenario similar to the one Russia experienced a few years ago. And with debt and sustainability concerns likely to increase, she further predicts more private diversification into gold in the coming years. I agree with her overall assessment of the commodities market, as evidenced by the continued emphasis on having some long-term exposure to hard-asset stocks in the portfolio. What I find particularly intriguing, however, is her take on copper, which happens to be one of the most bullish metals right now (in my estimation). On that score, if you’re interested in adding some more direct exposure to copper, there are a few stocks that are undergoing either turnarounds or strategic transformations that are worth considering. ## 3 Stocks to Add Direct Exposure to Copper to Your Portfolio First is **First Quantum Minerals (FM:TSX)**, a Canadian miner that’s overseeing both an operational and a strategic turnaround, and whose annual revenue is mainly from its copper operations (82%). The potential catalyst here is the firm’s Cobre Panamá mine, which it acquired from Inmet Mining in 2013 via hostile takeover. However, in 2023, the Cobre Panamá Mine suspended ore processing operations after copper concentrate loading operations at Punta Rincón port were halted due to a resolution issued by the Panamá Maritime Authority. That said, analysts see a strong chance the mine will be fully reopened, with a definitive government decision expected by the end of this year. The stock admittedly carries a degree of speculative risk, but I view it as a potentially strong beneficiary of long-term copper demand strength. Next is **Rio Tinto (RIO)**, which is actively undergoing a strategic shift to emphasize copper production. The overhaul involves portfolio simplification, in which Rio Tinto has reorganized from four segments down to three core product groups (aluminum/lithium, iron ore and copper), plus asset divestments and a sharper focus on capex discipline. As far as its operational turnaround success, the company is getting closer to achieving its annualized run-rate savings target of $1.8 billion by the end of 2026 (currently at $1.3 billion in savings as of mid-year), and has delivered a 3% year-on-year increase in copper-equivalent production in the first six months of this year. While historically more of an iron ore tracking stock, RIO is fast becoming a preferred vehicle for investors who are beginning to use the stock as a proxy for copper now that the firm has increased its copper focus. If you’re bullish on copper for the long term, as I am, RIO is worth considering as a personal portfolio addition. Finally, there’s our old friend **Barrick Mining (B)**, which at various times over the years has been in the *Cabot Turnaround Letter* portfolio. Like Rio Tinto, Barrick is also undergoing an active transformation into becoming more of a copper producer while also retaining its historical gold mining focus. As such, its strategic pivot is turning the company into a dual-commodity juggernaut, with a plan to spin off its North American gold assets by later this year as part of its move to increase its copper exposure. This is part of Barrick’s plan to reduce its reliance on gold cycles while also benefiting from the copper-intense energy transition. \[author\_ad\] ### Related Stocks - [RIO.US](https://longbridge.com/en/quote/RIO.US.md) - [FQVLF.US](https://longbridge.com/en/quote/FQVLF.US.md) - [GLDM.US](https://longbridge.com/en/quote/GLDM.US.md) - [IAU.US](https://longbridge.com/en/quote/IAU.US.md) - [SGOL.US](https://longbridge.com/en/quote/SGOL.US.md) - [CPER.US](https://longbridge.com/en/quote/CPER.US.md) - [RIO.UK](https://longbridge.com/en/quote/RIO.UK.md) - [RIO.AU](https://longbridge.com/en/quote/RIO.AU.md) - [GOLD.AU](https://longbridge.com/en/quote/GOLD.AU.md) - [GLD.US](https://longbridge.com/en/quote/GLD.US.md) - [USO.US](https://longbridge.com/en/quote/USO.US.md) - [UCO.US](https://longbridge.com/en/quote/UCO.US.md) - [BNO.US](https://longbridge.com/en/quote/BNO.US.md) - [COPP.US](https://longbridge.com/en/quote/COPP.US.md) - [UGL.US](https://longbridge.com/en/quote/UGL.US.md) - [XME.US](https://longbridge.com/en/quote/XME.US.md) - [GLDW.US](https://longbridge.com/en/quote/GLDW.US.md) - [GUSH.US](https://longbridge.com/en/quote/GUSH.US.md) - [DRIP.US](https://longbridge.com/en/quote/DRIP.US.md) - [GS.US](https://longbridge.com/en/quote/GS.US.md) - [W4VR.SG](https://longbridge.com/en/quote/W4VR.SG.md) - [RTPPF.US](https://longbridge.com/en/quote/RTPPF.US.md) ## Related News & Research - [US Cash Crude-Grades mixed as US crude stocks fall, Aramco loads oil inside Hormuz](https://longbridge.com/en/news/296273698.md) - [FACTBOX-Proposed Canadian crude oil pipeline projects](https://longbridge.com/en/news/296209307.md) - [Morgan Stanley’s Rahul Anand Initiates Rio Tinto ADR With Sell/Underweight Rating and $90 Price Target on Unfavorable Risk‑Reward](https://longbridge.com/en/news/296764778.md) - [Why is your gold waiting on a speech?](https://longbridge.com/en/news/296733808.md) - [Chevron pursues major oil projects in Iraq](https://longbridge.com/en/news/296352040.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**