Freeport-McMoRan (FCX) posted adjusted EBITDA of $1.6 billion in 3Q17.
Freeport expects its copper after by product unit cash cost to average $1.19 per pound in 2017, which implies a 4Q17 unit production cost of $0.98 per pound.
First Quantum (FM) expects to produce 570,000 metric tons of copper in 2017.
Freeport reported the steepest yearly decline in its 3Q17 copper production, while BHP Billiton’s copper production registered the biggest yearly rise among the copper miners that we’re covering in this series.
In this series, we’ll explore some of the key highlights from copper miners’ 3Q17 earnings and production profiles.
Canadian Pacific Railway (CP) reported a 5.2% rise in railcars last week (ended November 11). CP’s railcar volumes that week rose to ~32,500 units.
CNI’s railcar volumes fell 6.9% to ~62,000 units last week (ended November 11), compared with ~67,000 units in the week ended November 12, 2016.
Kansas City Southern (KSU), the US-Mexico railway, registered a 3.1% railcar rise last week (ended November 11), the 45th week of 2017.
Jacksonville-based CSX (CSX) reported a 3.4% carload loss last week (ended November 11), the 45th week of 2017.
Last week, the 45th week of 2017, Norfolk Southern’s carloads rose 2.3% to ~68,000 units, compared with ~66,600 units in the week ended November 12, 2016.
For last week (ended November 11), the 45th week of 2017, UNP reported a minor railcar volume loss of 0.6%, compared BNSF’s 4.2% loss during the same period.
In the week ended November 11, 2017, BNSF Railway (BRK-B) posted a 4.2% loss in railcar volumes.
The overall freight traffic for US rail carriers was 1.2% higher last week (ended November 11) than during the week ended November 12, 2016.
Citigroup’s total assets grew to ~$1.9 trillion on September 30, 2017, compared with ~$1.8 trillion at the end of 3Q16.
In week 46, which ended on November 17, 2017, Deutsche Bank reduced the target price for Teekay Tankers (TNK) to $2 from $5.
On November 16, 2017, the average bunker fuel price was $407 per ton—compared to $417 per ton on November 9, 2017.
According to Weber’s week 46 report, VLCC rates largely remained range bound. In week 46, 16 VLCC fixtures were recorded in the Middle East market.
In week 46, which ended on November 17, 2017, the BDTI rose from 803 to 809. In week 45, it fell by 40 points.
The Fed is targeting one last rate hike in December 2017 to bring the federal funds rate from 1.25% to 1.50%.
In 3Q17, Citigroup saw an 8.0% rise in its net income to $4.1 billion, including a post-tax gain of $355.0 million from the sale of its Fixed Income Analytics business.