Today we hear from James Whelan, MD of Barclay Pearce Capital Asset Management and William Smith, BPC AM Advisor.

Even as prices crashed from above US$11,000/t in May to below US$9,000/t last week, James Whelan and Will Smith reckon copper demand will rise in concert with contracting global supply.

And as if on cue, Bloomberg reported that China’s giant, dormant copper market had started showing signs of life.

After a months-long slump in demand which quieted the less committed among the copper bulls and saw prices collapse from earlier record highs, analysts and traders in China say that buyers in the world’s biggest copper market are starting to dip in again.

And while the general consensus is prices might not break out in the near term, Dr Copper will be operating as soon as the global market meets Mr Deficit. It’s all about the long game, says the team at BPC.

In mid July, Whelan put it this way.

“Buy copper.

“Buy copper companies.“

But which ASX copper companies? They’re glad you asked.

Alma Metals (ASX:ALM)

Whelan: One I’ve been in and around for a little while now. I’ve mentioned them on TV a few times and the key to their predicted success is the Briggs Copper Project: a lot of low-grade copper, close to the surface, close to the Gladstone Port in sunny Queensland. It has, for now, an inferred resource of 415Mt of Copper at a grade of 0.25%. I have a good feeling this is a low bid.

“Quantity, depth, convenience.”

Smith: They’re post raise (for now) with $2.6m being done in April. If it’ s a “spark” you’re looking for then the recent drilling update in mid-July showed confidence in a resource upgrade with initial assay results due at the end of August. Then scoping study and pre-feasibility study so news all the way through to the first quarter of 2025.

Whelan: If you’re in the “we believe in the copper story and want the least complicated/highest possible upside” camp then this is the one to look at.