Freeport-McMoRan (NYSE: FCX) is probably the go-to option if you are interested in buying into copper. That said, the price of copper has weakened in recent months, and investors are growing concerned over the impact of a slowdown in the economy on copper demand. Nevertheless, there's still a compelling case for buying the stock, and I think its 30% dip this year is a buying opportunity. Here's why. 

The case for copper is based on an increase in long-term marginal demand from electric vehicles (EVs), renewable energy, and the electrification trend. EVs and renewable energy need significantly more copper for wiring, storage, and transmission and distribution. Meanwhile, the electrification trend in the economy is being driven by growth in EV networks, data centers, industrial automation, smart buildings/infrastructure, and a host of other connected growth industries. 

At the same time, the supply of copper is seen as being constrained by increasing environmental regulation, government interference, and windfall taxes. In addition, the current weakness in the price of copper is not inducing copper miners to invest in projects. Indeed, Freeport's CEO Richard Adkerson discussed these themes on the recent earnings call, noting that "higher prices will be required to bring on new supplies, much higher prices than we have now, simply because the current price is not sufficient to incent new supply development on the scale that will be required to meet this increasing demand."

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Source Fool.com