Michael Burry Targets Copper Upside with New Long Position in Ero Copper

Scion Asset Management founder Michael Burry disclosed a new long equity position in Ero Copper ($ERO), expanding his portfolio into base metals mining amid tightening global supply and escalating industrial electrification demand.
Key positioning details and strategic context include:
• Physical Commodity Exposure: Ero Copper operates high-grade copper operations in Brazil—anchored by the Caraíba operations and the Tucumã project—providing direct operational leverage to rising global refined copper spot prices.
• Asymmetrical Valuation Play: The initiation reflects Burry’s deep-value framework, acquiring low-multiple, cash-generative resource producers positioned to benefit from structural deficits driven by grid modernization, renewable energy buildouts, and data center electrical infrastructure.
• Broader Macro Stance: The trade fits within a broader selective long rotation alongside picks like QXO ($QXO) and Sprouts Farmers Market ($SFM), while Burry maintains his existing put options and short positions against broader high-multiple equities.
• Hedging Against Inflation: Base metal miners offer an established hedge against persistent commodity inflation and geopolitical trade bottlenecks impacting primary global raw materials.