Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Commodities

<ul>
<li>Copper continued its slide on concerns about inventory and the commencement of new projects and delivered a -9% return for the month. </li>
<li>Check out our initiation, <a href="https://www.smartkarma.com/insights/copper-primer-what-we-like-about-copper-and-what-to-play" target="_blank" data-smartkarma-citation="insights:141017" rel="noopener">Copper Primer: What We Like About Copper And What to Play</a>, and equity initiation <a href="https://www.smartkarma.com/insights/southern-copper-in-a-league-of-its-own" target="_blank" data-smartkarma-citation="insights:139839" rel="noopener">Southern Copper: In a League of Its Own</a> </li>
<li>We like the long copper-short gold trade and explore iron condors in the copper <a href="https://www.smartkarma.com/entities/freeport-mcmoran-inc" target="_blank" data-smartkarma-citation="entities:12491:1" rel="noopener">Freeport Mcmoran (FCX US)</a> . </li>
</ul>


Copper continued its slide on concerns about inventory and the commencement of new projects and delivered a -9% return for the month. 
Check out our initiation, Copper Primer: What We Like About Copper And What to Play, and equity initiation Southern Copper: In a League of Its Own 
We like the long copper-short gold trade and explore iron condors in the copper Freeport Mcmoran (FCX US) . 


Copper Tracker June 2024: Physical/Equity Screens And Trades For July

<ul>
<li>
<a href="https://www.smartkarma.com/entities/southern-copper-corp" target="_blank" data-smartkarma-citation="entities:16279:1" rel="noopener">Southern Copper (SCCO US)</a> in the equity space is the best way to play bullish copper long-term with its long-term (10-year) ROCE of &gt;22% </li>
<li>With low-cost production assets in Peru and Mexico, the company has managed EBITDA margins of&gt; 39% across the cycle (last 15 years) and averaging 50%.</li>
<li>A 100% payout results in a dividend yield of 3.5%. We believe there is a price for everything, and in the event of a 20% correction, it would be attractive.</li>
</ul>



Southern Copper (SCCO US) in the equity space is the best way to play bullish copper long-term with its long-term (10-year) ROCE of &gt;22% 
With low-cost production assets in Peru and Mexico, the company has managed EBITDA margins of&gt; 39% across the cycle (last 15 years) and averaging 50%.
A 100% payout results in a dividend yield of 3.5%. We believe there is a price for everything, and in the event of a 20% correction, it would be attractive.


<ul>
<li>Top miners like <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> and <a href="https://www.smartkarma.com/entities/teck-resources-ltd-36dbdad5-1430-4d7a-8578-31bc50086f72" target="_blank" data-smartkarma-citation="entities:33343:1" rel="noopener">Teck Resources (TECK US)</a> are signaling their long-term bullish copper intent through their recent corporate actions. </li>
<li>Copper may experience short periods of oversupply, but its long-term outlook makes it one of the best commodities we cover in terms of return potential. </li>
<li>Our best plays in the copper space are <a href="https://www.smartkarma.com/entities/southern-copper-corp" target="_blank" data-smartkarma-citation="entities:16279:1" rel="noopener">Southern Copper (SCCO US)</a>, <a href="https://www.smartkarma.com/entities/teck-resources-ltd-36dbdad5-1430-4d7a-8578-31bc50086f72" target="_blank" data-smartkarma-citation="entities:33343:1" rel="noopener">Teck Resources (TECK US)</a> and <a href="https://www.smartkarma.com/entities/freeport-mcmoran-inc" target="_blank" data-smartkarma-citation="entities:12491:1" rel="noopener">Freeport Mcmoran (FCX US)</a>
</li>
</ul>


Top miners like BHP Group Ltd (BHP AU) and Teck Resources (TECK US) are signaling their long-term bullish copper intent through their recent corporate actions. 
Copper may experience short periods of oversupply, but its long-term outlook makes it one of the best commodities we cover in terms of return potential. 
Our best plays in the copper space are Southern Copper (SCCO US), Teck Resources (TECK US) and Freeport Mcmoran (FCX US)



Copper Primer: What We Like About Copper And What to Play

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

<ul><li>Investing in copper and copper miners represents a significant opportunity for investors over the next ten to fifteen years.</li><li>But the market is more complicated than most believe, and success will require not only an understanding of the entire supply chain but also a willingness to be active.</li><li>In this post, we look at the role smelters play in the copper value chain.</li></ul>

Investing in copper and copper miners represents a significant opportunity for investors over the next ten to fifteen years.But the market is more complicated than most believe, and success will require not only an understanding of the entire supply chain but also a willingness to be active.In this post, we look at the role smelters play in the copper value chain.

Energy Transition | AI | Shifting World Order, Mint Finance

Pranay Yadav

Energy Transition | AI | Shifting World Order

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>A slowdown in China's property and manufacturing sectors along with high refining ouput has led to a significant increase in copper inventories, contributing to short-term demand concerns.</li>
<li>Major copper miners face production challenges, risking future supply deficits amid growing demand from the photovoltaic and EV industries.</li>
<li>Asset managers have reduced their long positions in copper due to near-term market conditions, reflecting a cautious outlook on immediate price movements.</li>
</ul>


A slowdown in China's property and manufacturing sectors along with high refining ouput has led to a significant increase in copper inventories, contributing to short-term demand concerns.
Major copper miners face production challenges, risking future supply deficits amid growing demand from the photovoltaic and EV industries.
Asset managers have reduced their long positions in copper due to near-term market conditions, reflecting a cautious outlook on immediate price movements.


Navigating Copper's Contradictions: Short-Term Demand Woes Versus Long-Term Supply Gaps

United States

Copper is a chemical element with symbol Cu (from Latin: cuprum) and atomic number 29. It is a soft, malleable and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a reddish-orange color. It is used as a conductor of heat and electricity, as a building material and as a constituent of various metal alloys, such as Sterling silver used in jewelry, cupronickel used to make marine hardware and coins and constantan used in strain gauges and thermocouples for temperature measurement.

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Copper (COPPER COMDTY)

Copper Tracker June 2024: Physical/Equity Screens And Trades For July

This brief insight summarizes Copper's performance and equities on our screens. We highlight our research and trades to explore for July.

Sameer Taneja

Southern Copper: In a League of Its Own

We initiate on Southern Copper (SCCO US), a high-quality copper play with assets in Peru and Mexico. Its long term ROCE >22% makes its a very...

Sameer Taneja

Copper Primer: What We Like About Copper And What to Play

We initiate with a primer on the copper sector. We elaborate on our fundamental rationale for being bullish on the metal and discuss different ways...

Sameer Taneja

How To Lose Money Smelting Copper

Investing in copper and copper miners represents a significant opportunity for investors over the next ten to fifteen years.

Massif Capital Research

Navigating Copper's Contradictions: Short-Term Demand Woes Versus Long-Term Supply Gaps

China's economic slowdown and high copper inventories raise short-term demand concerns, while production challenges for major miners could lead to...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Copper Tracker June 2024: Physical/Equity Screens And Trades For July

This brief insight summarizes Copper's performance and equities on our screens. We highlight our research and trades to explore for July.

Sameer Taneja

Southern Copper: In a League of Its Own

We initiate on Southern Copper (SCCO US), a high-quality copper play with assets in Peru and Mexico. Its long term ROCE >22% makes its a very...

Sameer Taneja

Copper Primer: What We Like About Copper And What to Play

We initiate with a primer on the copper sector. We elaborate on our fundamental rationale for being bullish on the metal and discuss different ways...

Sameer Taneja

How To Lose Money Smelting Copper

Investing in copper and copper miners represents a significant opportunity for investors over the next ten to fifteen years.

Massif Capital Research

Navigating Copper's Contradictions: Short-Term Demand Woes Versus Long-Term Supply Gaps

​China's economic slowdown and high copper inventories raise short-term demand concerns, while production challenges for major miners could lead to...

Mint Finance

China's economic slowdown and high copper inventories raise short-term demand concerns, while production challenges for major miners could lead to...