Antofagasta plc

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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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    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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