Antofagasta plc

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    Basic Materials

    Freeport-McMoRan: Bulls Short of Ideas amid Macro Uncertainty

    Leading US-based copper miner Freeport-McMoRan (FCX) has been trading largely sideways this month, which is not surprising, considering copper price trends.

    By Mohit Oberoi, CFA
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    Basic Materials

    Freeport-McMoRan: Party Continues as Chinese Copper Imports Surge

    Freeport-McMoRan (FCX) surged 6.9% yesterday, boosted by an upgrade from Morgan Stanley to “overweight.”

    By Mohit Oberoi, CFA
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    Basic Materials

    Copper Throws Mixed Signals for Markets

    Copper prices are seen as an indicator of global economic activity. Copper has thrown mixed signals for investors in the past month.

    By Mohit Oberoi, CFA
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    Basic Materials

    Lower Energy Prices: Boon or Bane for Copper Miners?

    Lower energy prices Previously, we discussed copper miners’ production profiles and 2018 guidance. In this part, we’ll look at leading copper producers’ unit cash costs and see what’s impacted their unit cost progression. Comparative analysis Freeport-McMoRan (FCX) reported unit cash costs after by-product credit of $0.93 per pound in the third quarter—compared to $0.96 per […]

    By Mohit Oberoi, CFA
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    Basic Materials

    Analysts See a 70% Upside in First Quantum Minerals

    First Quantum Minerals (FM) has received “strong buy” ratings from eight analysts, while nine have given it “buy” ratings or some equivalent.

    By Mohit Oberoi, CFA
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    Basic Materials

    Analysts Weigh in on Antofagasta amid Lower Copper Prices

    Antofagasta (ANTO) has received “strong buy” ratings from seven analysts, while five have given it “buy” ratings or some equivalent.

    By Mohit Oberoi, CFA
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    Basic Materials

    Wall Street Is Largely Unfazed by Plunging Copper Prices

    The metals and mining space has seen a reversal of fortune this year. Metals prices plunged to multiyear lows in 2015 and 2016.

    By Mohit Oberoi, CFA
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    Basic Materials

    Physical Copper Markets Might Tighten More in 2019

    Despite resilient copper supply in 2018, we have seen some tightness in copper markets and inventory levels have fallen sharply.

    By Mohit Oberoi, CFA
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    Basic Materials

    Freeport-McMoRan’s Valuation: Look beyond 2019

    In 2019, Freeport-McMoRan’s copper and gold production and its earnings could take it a hit as its Grasberg mine transitions to underground operations.

    By Mohit Oberoi, CFA
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    Basic Materials

    What China’s Lower Copper Imports May Indicate

    China (FXI) is the world’s biggest copper importer.

    By Mohit Oberoi, CFA
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    Basic Materials

    Could Cost-Push Inflation Dent Copper Miners’ Outlooks?

    In this article, we’ll look at copper miners’ unit production costs.

    By Mohit Oberoi, CFA
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    Basic Materials

    Freeport-McMoRan Stock: The Good, the Bad, and the Ugly

    So far, Freeport-McMoRan (FCX) is having a terrible year. Based on the closing prices on August 9, the stock has lost 18.8% in 2018.

    By Mohit Oberoi, CFA
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    Basic Materials

    Don’t Get Too Carried Away with Record Chinese Copper Imports

    China is the world’s biggest copper importer.

    By Mohit Oberoi, CFA
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    Basic Materials

    How Q2 2018 Worked Out for Freeport-McMoRan

    Freeport-McMoRan (FCX) released its second-quarter results yesterday, posting better-than-expected revenue of $5.17 billion.

    By Mohit Oberoi, CFA
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    Basic Materials

    Analyzing China’s Copper Import Data

    China is the world’s largest copper importer. Chinese copper imports are seen as an indicator of the country’s copper demand.

    By Mohit Oberoi, CFA
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    Basic Materials

    SCCO Is Getting No Love from Analysts as Copper Prices Tumble

    Southern Copper (SCCO) hasn’t received any “buy” or equivalent ratings. Four analysts have rated Southern Copper stock as a “hold.”

    By Mohit Oberoi, CFA
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    Basic Materials

    Copper Markets: Possible Surplus in 2018

    In the first five months of 2018, China’s unwrought copper imports have risen 16.8%—compared to the same period in 2017.

    By Mohit Oberoi, CFA
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    Basic Materials

    How a Global Trade War Could Hurt Copper Miners

    Global trade war fears have reignited this month. Last month, after a second round of trade talks, the United States (DIA) and China decided to put the talks on hold.

    By Mohit Oberoi, CFA
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    Basic Materials

    Is It Time to Fall in Love with Copper Stocks?

    China’s copper imports have been strong this year. The imports have registered a strong yearly increase for unwrought copper and copper concentrates.

    By Mohit Oberoi, CFA
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    Basic Materials

    Talks of a Slowdown in China: What Investors Should Know

    As China (FXI) transitions from an investment-driven to a consumption-driven economy, its metal appetite has taken a breather.

    By Mohit Oberoi, CFA
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    Earnings Report

    Why Freeport-McMoRan Expects Costs to Rise This Year

    Previously in this series, we looked at copper miners’ first-quarter production and 2018 guidance. In this article, we’ll look at their unit production costs.

    By Mohit Oberoi, CFA
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    Earnings Report

    Copper Miners’ First-Quarter Report Card: Hits and Misses

    We’re now reaching the end of the first quarter earnings season, and most mining companies have already released their quarterly earnings results.

    By Mohit Oberoi, CFA
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    Basic Materials

    Should Doctor Copper Be Thanking Xi-Trump Bonhomie?

    While commodities generally follow the underlying supply-demand dynamics in the long term, according to some observers, copper prices also tend to reflect macro developments.

    By Mohit Oberoi, CFA
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    Basic Materials

    How Wall Street Sees Freeport-McMoRan this Earnings Season

    In this final article of our series, we’ll see how analysts are rating Freeport ahead of its 1Q18 earnings release.

    By Mohit Oberoi, CFA
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    Basic Materials

    How Are Analysts Rating Freeport amid Trade War Fears?

    Among other factors, the concerns over escalating frictions between the United States and China have contributed to copper’s downfall.

    By Mohit Oberoi, CFA
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    Basic Materials

    Copper Inventory Games: Not This Time Please!

    Both the bulls and the bears have used changes in copper inventory to support their arguments.

    By Mohit Oberoi, CFA
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    Basic Materials

    Has Copper’s Bullish Thesis Been Threatened?

    Among other factors, a wave of labor negotiations has lent support to copper’s bullish thesis.

    By Mohit Oberoi, CFA
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    Basic Materials

    Why Copper Has Been Losing Its Sheen This Year

    The earnings of copper miners such as Freeport-McMoRan (FCX), Antofagasta (ANTO), and Rio Tinto (RIO) are sensitive to copper prices.

    By Mohit Oberoi, CFA
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    Basic Materials

    Is Freeport-McMoRan’s Valuation Attractive?

    Freeport-McMoRan (FCX) is valued at an EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) of 4.7x its 2018 consensus EBITDA.

    By Mohit Oberoi, CFA
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    Basic Materials

    Freeport in Indonesia: Best-Case and Worst-Case Scenarios

    Freeport-McMoRan (FCX) operates the giant Grasberg mine in Indonesia.

    By Mohit Oberoi, CFA
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    Basic Materials

    What’s the Wild Card for Copper Prices in 2018?

    Copper prices have been weak this year after rising for two consecutive years.

    By Mohit Oberoi, CFA
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    Basic Materials

    What Could Sustain Freeport’s Rally?

    Freeport-McMoRan (FCX), the leading US-based copper miner, has seen a sharp rally over the last two years.

    By Mohit Oberoi, CFA
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    Basic Materials

    How’s Chinese Copper Demand Looking in 2018?

    So far, China’s copper imports look strong in the year. Meanwhile, copper’s 2018 bullish theme is built around supply-side disruptions.

    By Mohit Oberoi, CFA
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    Basic Materials

    How Glencore Plans to Allocate Capital amid Strong Finances

    Glencore’s (GLEN-L) financial position has improved greatly since 2015, when concerns over near-term debt maturities—coupled with falling commodity prices—triggered a massive sell-off in the stock.

    By Mohit Oberoi, CFA
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    Basic Materials

    Should Southern Copper Investors Expect Higher Dividends?

    In the previous part of this series, we looked at Freeport-McMoRan’s (FCX) capital allocation strategy.

    By Mohit Oberoi, CFA
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    Basic Materials

    Understanding Freeport’s Capital Allocation Strategy

    As copper market conditions have improved, companies have also taken another look at their capital allocation strategies.

    By Mohit Oberoi, CFA
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    Basic Materials

    Why Freeport Expects Its Unit Cash Costs to Fall Further in 2018

    In the previous part of this series, we looked at leading copper miners’ 4Q17 unit cash costs.

    By Mohit Oberoi, CFA
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    Basic Materials

    Copper Miners Face Cost Pressure as Input Costs Rise

    Previously in this series, we looked at copper miners’ 4Q17 production profiles and 2018 guidance.

    By Mohit Oberoi, CFA
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    Basic Materials

    Are Copper Bulls Over-Relying on Supply Disruptions in 2018?

    We saw a sharp rally in copper prices in December. Among other factors, expectations of supply-side disruptions at leading copper mines boosted copper market sentiment.

    By Mohit Oberoi, CFA
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    Basic Materials

    Which Miners Could See Higher Copper Production in 2018?

    In this article, we’ll look at the 2018 production guidance provided by leading copper miners.

    By Mohit Oberoi, CFA
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    Basic Materials

    Freeport-McMoRan’s 4Q17 Production Profile versus Other Miners’

    In this article, we’ll look at leading copper miners’ 4Q17 production data.

    By Mohit Oberoi, CFA
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    Basic Materials

    What Are Analysts Recommending for Antofagasta in 1Q18?

    Antofagasta has received a “strong buy” rating from four analysts, while one analyst has given it a “buy” rating.

    By Mohit Oberoi, CFA
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    Basic Materials

    How Analysts Are Rating Anglo American in 2018

    Anglo American (AAL-L) has received a “strong buy” rating from four analysts, while eight analysts have given it a “buy” rating.

    By Mohit Oberoi, CFA
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    Basic Materials

    How Analysts Have Changed Their Ratings on Glencore in 2018

    Glencore (GLEN-L) has received a “strong buy” rating from five analysts, while 14 analysts have given it a “buy” or some equivalent rating.

    By Mohit Oberoi, CFA
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    Basic Materials

    How Analysts View Copper Miners amid the Market Carnage

    The repercussions of the equity market carnage are evident in commodity markets. Copper, which some analysts see as an indicator of the global economy’s health, has come off its 2018 highs.

    By Mohit Oberoi, CFA
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    Basic Materials

    How Analysts Rate Teck Resources ahead of 4Q17 Earnings

    Teck Resources has received a “strong buy” rating from five analysts, while 13 analysts have rated the stock a “buy” or some equivalent.

    By Mohit Oberoi, CFA
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    Basic Materials

    Analyzing China’s January Copper Imports

    Last month, China imported 443,000 metric tons of unwrought copper and copper product. China imported 450,000 metric tons in December 2017.

    By Mohit Oberoi, CFA
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    Basic Materials

    Supply Disruptions Could Support Copper Prices in 2018

    Freeport expects strong copper demand globally. The company also pointed to supply-side issues that are expected to hit mined copper supply in 2018.

    By Mohit Oberoi, CFA
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    Basic Materials

    Key Takeaways from Freeport-McMoRan’s 4Q17 Earnings Call

    Freeport-McMoRan (FCX), the leading US-based copper miner (SCCO) (XME), released its 4Q17 earnings on January 25, 2018.

    By Mohit Oberoi, CFA
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    Basic Materials

    How Impressive Is Freeport-McMoRan’s 4Q17 Performance?

    Freeport-McMoRan (FCX) reported an adjusted EBITDA of $2.1 billion in 4Q17. The company posted an adjusted EBITDA of $1.61 billion in 3Q17.

    By Mohit Oberoi, CFA
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    Basic Materials

    Inside Freeport-McMoRan’s 4Q17 Revenue Beat

    Freeport-McMoRan (FCX) posted revenues of $5.0 billion in 4Q17. The company posted revenues of $4.3 billion in 3Q17 and $4.4 billion in 4Q16.

    By Mohit Oberoi, CFA
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    Basic Materials

    Investors Are Interested in These Key Updates from Freeport

    Freeport-McMoRan (FCX) is scheduled to hold its 4Q17 earnings call on January 25. In this article, we’ll look at the key updates that investors should look for in Freeport’s 4Q17 earnings call.

    By Mohit Oberoi, CFA
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    Basic Materials

    These Factors Could Drive Freeport’s 4Q17 Financial Performance

    Analysts polled by Thomson Reuters expect Freeport to post adjusted EBITDA of $2.0 billion in 4Q17.

    By Mohit Oberoi, CFA
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    Basic Materials

    China’s Copper Imports: What to Expect in 2018

    In December, China imported 440,000 metric tons of unwrought copper and copper products. Imports fell on a YoY (year-over-year) and a monthly basis.

    By Mohit Oberoi, CFA
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    Basic Materials

    How the Grasberg Divestment Could Impact Freeport-McMoRan

    Freeport’s earnings from the Grasberg operation could fall after it divests its stake in the giant mine.

    By Mohit Oberoi, CFA
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    Basic Materials

    How the Secondary Market Could Impact Copper Prices in 2018

    Copper, like other metals, is widely recycled. Last year, we saw improved scrap flows as copper prices moved to higher price levels.

    By Mohit Oberoi, CFA
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    Basic Materials

    How Chinese Copper Demand Could Play Out in 2018

    There are some concerns that China’s construction boom, which lifted its economic activity last year, might not continue in 2018.

    By Mohit Oberoi, CFA
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    Basic Materials

    Freeport-McMoRan: All’s Well that Ends Well

    Freeport-McMoRan (FCX), the leading US copper miner, closed at $18.1 on December 22. Based on that day’s closing prices, Freeport has gained 30.0% in December.

    By Mohit Oberoi, CFA
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    Basic Materials

    Why Last Week Was Such a Happening One for Freeport-McMoRan

    Freeport-McMoRan, which has underperformed the broader copper mining space in 2017, rose 13.4% last week. Thanks to last week’s upward price action, it’s now risen 28.7% in 2017.

    By Mohit Oberoi, CFA
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    Basic Materials

    China’s November Copper Imports Provide Some Relief to Bulls

    China’s copper imports data are closely followed by investors in companies such as Freeport-McMoRan (FCX), Glencore (GLEN-L), and Southern Copper (SCCO).

    By Mohit Oberoi, CFA
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    Basic Materials

    Are Geopolitical Issues to Blame for Copper’s December Woes?

    Copper tends to be sensitive to geopolitical developments. This month, we’ve seen some interesting geopolitical developments.

    By Mohit Oberoi, CFA
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    Basic Materials

    Why Copper Has Fallen from Its 2017 Highs

    Copper prices have come off their 2017 highs. Copper, which closed almost flat last month, has lost 3.3% in December.

    By Mohit Oberoi, CFA
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    Basic Materials

    Copper Miners: What to Expect in December

    With copper prices trading sideways this month, copper miners also had a dull month. Freeport-McMoRan (FCX) fell 0.42% in November.

    By Mohit Oberoi, CFA
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    Basic Materials

    Could Tesla Drive Long-Term Copper Demand?

    On its 3Q17 earnings call, Freeport-McMoRan (FCX) sounded positive about copper’s long-term demand. According to Richard C. Adkerson, Freeport’s CEO, “Around the world, manufacturing sectors are performing well.”

    By Mohit Oberoi, CFA
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    Basic Materials

    What’s Keeping Copper Prices Strong this Year?

    Copper prices have been strong this year. Copper has gained 26.8% so far in 2017, based on November 27 closing prices, and has added to its 2016 gains.

    By Mohit Oberoi, CFA
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    Basic Materials

    Copper Market Deficit: What You Need to Know

    Global mined copper production fell 2.2% YoY in the first eight months of the year. The decline was mainly led by a 5% fall in Chilean copper production.

    By Mohit Oberoi, CFA
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    Basic Materials

    Copper Tests $7,000 as Industrial Metals Rebound

    Last week was broadly positive for industrial metals (DBC). Copper rose 3.6%, while aluminum prices rose 1.3% in the week ending November 24.

    By Mohit Oberoi, CFA
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    Basic Materials

    Glencore or Freeport: Which Has More Upside Potential?

    Glencore (GLEN-L) has the highest percentage of “buy” or higher recommendations in our select group of mining stocks.

    By Mohit Oberoi, CFA
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    Basic Materials

    How Are Markets Valuing Glencore amid Higher Commodity Prices?

    Freeport-McMoRan (FCX) is trading at 5.94x its 2017 consensus EBITDA and at 4.62x its consensus 2018 EBITDA.

    By Mohit Oberoi, CFA
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    Basic Materials

    Analyzing Copper Miners’ Cost Progression

    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.

    By Mohit Oberoi, CFA
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    Basic Materials

    China’s Copper Import Data Could Provide a Lifeline to Bears

    Analysts see Chinese copper imports as an indicator of the country’s copper demand.

    By Mohit Oberoi, CFA
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    Basic Materials

    Digging Deeper into Freeport-McMoRan’s 3Q17 Revenue Beat

    Freeport-McMoRan (FCX) posted revenue of $4.31 billion in 3Q17. In comparison, the company posted revenues of $3.71 billion in 2Q17 and $3.87 billion in 3Q16.

    By Mohit Oberoi, CFA
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    Basic Materials

    Why Markets Gave Freeport’s 3Q17 Earnings Beat a Miss

    Freeport-McMoRan (FCX), the world’s second-largest copper miner (XLB), released its 3Q17 earnings on October 25. The company reported adjusted net income of $492 million.

    By Mohit Oberoi, CFA
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    Basic Materials

    Respite for Freeport as Chinese Copper Imports Spike in September

    China imported 430,000 metric tons of unwrought copper and copper products in September 2017, in contrast to 340,000 metric tons in September 2016.

    By Mohit Oberoi, CFA
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    Basic Materials

    Why Copper Bears Shouldn’t Lose Heart

    While copper bears have been overshadowed by the bulls this month, they might like their chances in 4Q17.

    By Mohit Oberoi, CFA
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    Basic Materials

    Why Freeport-McMoRan the Most ‘Hold’ Ratings among Top-Rated Copper Stocks

    Freeport-McMoRan (FCX) stock has received a “strong buy” rating from one analyst, while five analysts have rated FCX a “buy.”

    By Mohit Oberoi, CFA
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