Citi's global commodity team highlights copper as their top pick for 2020, analyst Alexander Hacking tells investors in a research note. The analyst says this makes sense given the upside potential if global trade tensions are eased along with cooper's "superior" supply/demand dynamics relative to other base metals. Hacking shifted his top pick to Freeport McMoRan (FCX), which he says offers more leverage to upside in copper. The stock is arguably the most "risk on" exposed stock in Americas mining given its liquidity and beta, Hacking tells investors in a research note. The analyst believes the "gradual de-risking" of Grasberg "appears to be mostly ignored by the market so far." In addition, Southern Copper (SCCO) has been an outperformer year-to-date and "remains a relatively safer, lower beta play," contends Hacking.