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>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

<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> posted a 6% EBITDA beat and a 17% EPS beat buoyed by higher pricing of copper and by-products</li>
<li>Sales/EBITDA/Profit increased by 35.5%/61%/72% YoY. It also guided a positive outlook for copper, highlighting a tightening of the physical market boding well for future quarters. </li>
<li>The board paid a 1.20 USD/share quarterly dividend in 50:50 scrip/cash. It will probably continue this practice, considering the elevated capex/ debt repayment of 500 mn USD in April 2025.</li>
</ul>



Southern Copper (SCCO US) posted a 6% EBITDA beat and a 17% EPS beat buoyed by higher pricing of copper and by-products
Sales/EBITDA/Profit increased by 35.5%/61%/72% YoY. It also guided a positive outlook for copper, highlighting a tightening of the physical market boding well for future quarters. 
The board paid a 1.20 USD/share quarterly dividend in 50:50 scrip/cash. It will probably continue this practice, considering the elevated capex/ debt repayment of 500 mn USD in April 2025.


Southern Copper (SCCO US) Concall Highlights: Great Q2 2024, FY24 Production Guide Up

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

<ul>
<li>Take aways: China will flood markets with copper supply</li>
<li>Copper har decoupled from macro fundamentals according to our PCA tool</li>
<li>It’s a tuck or war between positioning and fundamentals in metals. Crude tumbling despite all time highs in global flight data and crowded congestion
</li>
</ul>


Take aways: China will flood markets with copper supply
Copper har decoupled from macro fundamentals according to our PCA tool
It’s a tuck or war between positioning and fundamentals in metals. Crude tumbling despite all time highs in global flight data and crowded congestion



Energy Cable: More pain to come in copper, while Nat Gas is a long trade?

Breaking Down the Mining News of the Day, Money of Mine

Money of Mine

Breaking Down the Mining News of the Day

An ex-underground miner, an ex-investment banker, and an ex-equity research guy breaking down the mining news of the day. It's a bit of entertainment, information, and occasionally some alpha.

<ul><li>BHP and Lundin rumored to be considering a joint bid for Filo Mining in the Vicuna district, an emerging copper super district in Chile and Argentina.</li><li>Lundin Mining owns the most advanced project, Jose Maria, in the region which is permitted and fid ready.</li><li>Argentina now has a supportive business regime, making it an optimal time for development in the region. Lundin Group retains a 33% stake in Filo while BHP owns a 6% stake.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

BHP and Lundin rumored to be considering a joint bid for Filo Mining in the Vicuna district, an emerging copper super district in Chile and Argentina.Lundin Mining owns the most advanced project, Jose Maria, in the region which is permitted and fid ready.Argentina now has a supportive business regime, making it an optimal time for development in the region. Lundin Group retains a 33% stake in Filo while BHP owns a 6% stake.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

<ul><li>ISM vs Commodity Prices The latest ISM Manufacturing data came in lower than expected. It almost seems like economic momentum in the US is fading.</li><li>But on the other hand, commodities that are most sensitive to change in economic momentum, namely copper and crude oil, remain in a sideways consolidation or in the case of crude are already breaking out to new short-term highs.</li><li>That price action behavior opens up a gap between both metrics, and one thing is clear.</li></ul>

ISM vs Commodity Prices The latest ISM Manufacturing data came in lower than expected. It almost seems like economic momentum in the US is fading.But on the other hand, commodities that are most sensitive to change in economic momentum, namely copper and crude oil, remain in a sideways consolidation or in the case of crude are already breaking out to new short-term highs.That price action behavior opens up a gap between both metrics, and one thing is clear.

ISM vs Commodity Prices // Upcoming Rice Price Explosion?

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 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

Southern Copper (SCCO US) Concall Highlights: Great Q2 2024, FY24 Production Guide Up

We summarize the Q2 2024 conference call and results for Southern Copper (SCCO US). It is the best-in-class pure-play operator for copper with...

Sameer Taneja

Energy Cable: More pain to come in copper, while Nat Gas is a long trade?

Take aways: China will flood markets with copper supplyCopper har decoupled from macro fundamentals according to our PCA toolIt’s a tuck or war...

Steno Research

Mega Copper M&A Manoeuvres

BHP and Lundin may team up for a joint bid on Filo Mining, driving up Filo's share price as the Vicuna district in Argentina proves to be a...

Money of Mine

ISM vs Commodity Prices // Upcoming Rice Price Explosion?

ISM vs Commodity Prices The latest ISM Manufacturing data came in lower than expected. It almost seems like economic momentum in the US is fading.

The Commodity Report

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