Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 15 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. 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 Analyst

Copper Up 26% YoY, Now at All-Time Highs – Key Drivers

Copper Tracker 24th March 2025: China "Special Action Consumption Plan"/Comex Spreads Stratospheric

Copper Tracker 3rd March 2025: China TSF And PMI Rebound A Major Boost, All Eyes On the NPC

First Quantum Minerals (FM CN): Better Than Expected Results, But Cobre Panama Arbitration Delayed

Antofagasta (ANTO LN): Good Set of Results, Capex Acceleration of >50%

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>After analyzing their annual results, presentations, and conference call transcripts, we summarize the supply mine-by-mine and market commentary gathered from twelve major listed copper producers (40% of global production).</li>
<li>Copper supply growth is expected to be 3% YoY 2025e, resulting in a deficit of 250,000 tons (&gt;1 million tons in 2029), while inventories currently cover a week's global demand. </li>
<li>With the cost curve at the last decile around $4.5$/lb, the copper price is supported greatly despite the system's high inventories. </li>
</ul>


After analyzing their annual results, presentations, and conference call transcripts, we summarize the supply mine-by-mine and market commentary gathered from twelve major listed copper producers (40% of global production).
Copper supply growth is expected to be 3% YoY 2025e, resulting in a deficit of 250,000 tons (&gt;1 million tons in 2029), while inventories currently cover a week's global demand. 
With the cost curve at the last decile around $4.5$/lb, the copper price is supported greatly despite the system's high inventories. 


Post Results FY24: Mine-By-Mine Plan Production + Commentary on Copper From Global Listed Companies