Glencore PLC

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  • uploads///part
    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

    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 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
  • uploads///China Economic Data
    Company & Industry Overviews

    Base Metals Hammered by Weak Chinese Data

    China is the top consumer of base metals, accounting for 45% of global demand, so economic releases from China have a large impact on base metal prices.

    By Val Kensington
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    Basic Materials

    How Analysts View Freeport after Its 3Q17 Earnings Beat

    Freeport-McMoRan released its 3Q17 earnings on October 25, posting revenues of ~$4.3 billion in 3Q17, compared with ~$3.7 billion in 2Q17.

    By Mohit Oberoi, CFA
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    Company & Industry Overviews

    What Does the Flattening Yield Curve Indicate for Investors?

    Bond markets are experiencing rising yields due to higher economic growth expectations. However, the 10-Year Treasury yield was still low at 2.4% on March 29, 2017

    By Mary Sadler
  • uploads///part  rating
    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
  • uploads///part  copper
    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

    Can Freeport’s 4Q17 Earnings Keep Investor Optimism Alive?

    Freeport-McMoRan (FCX), the leading US-based copper miner (XME), is scheduled to release its 4Q17 earnings on January 25.

    By Mohit Oberoi, CFA
  • uploads///Oilseeds
    Consumer

    Why Did Bunge Sell Its Stake in Its Vietnam Operations?

    In a press release on July 5, 2016, Bunge announced that it would be selling 45% of its stake in its Vietnam crush operations to Wilmar International.

    By Sushree Mohanty
  • uploads///Oilseeds
    Company & Industry Overviews

    How Is Bunge Expanding Oilseed Segment’s Global Presence?

    In the Oilseeds segment, Bunge’s focus has been to enhance its footprint in the major growth regions.

    By Sushree Mohanty
  • uploads///part  glencore
    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
  • uploads///part  copper
    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
  • uploads///part  anto
    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

    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
  • uploads///part  valuation
    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

    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
  • uploads///part  scco
    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
  • uploads///part  freeport capital allocation
    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
  • uploads///part  labor
    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
  • uploads///part  anto
    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
  • uploads///part  glencore
    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

    What’s the Best Outcome for Freeport in Indonesia?

    Grasberg issues have dominated Freeport’s earnings calls. During its 4Q17 earnings call, Freeport noted that it has made “a lot of progress.”

    By Mohit Oberoi, CFA
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    Basic Materials

    Freeport-McMoRan Is Positive on Copper’s Outlook

    Looking at major copper miners’ 2018 operating plans, global mined copper production could increase on a yearly basis this year.

    By Mohit Oberoi, CFA
  • uploads///part  eps
    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
  • uploads///part  eps
    Basic Materials

    Freeport-McMoRan’s 4Q17 Earnings: What You Need to Know

    Freeport-McMoRan (FCX) reported its 4Q17 earnings on January 25, 2018. The company reported an adjusted net income of $750 million.

    By Mohit Oberoi, CFA
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    Company & Industry Overviews

    What Teck Resources Investors Could Expect in 2018

    Asia is the biggest market for Teck Resources’ coal division, accounting for 75% of its shipments.

    By Mohit Oberoi, CFA
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    Basic Materials

    Could Freeport-McMoRan Reinstate Its Dividend in 2018?

    Freeport-McMoRan (FCX) has cut its net debt by more than half over the last two years. It achieved that by exiting its energy assets and selling some of its copper assets.

    By Mohit Oberoi, CFA
  • uploads///part  copper price
    Basic Materials

    Teck Resources in 2017: From Stake Sale to Share Buyback

    Although Teck Resources (TECK) stock managed to rise 23.9% in 2017 due to the so-called Santa Claus rally in December 2017, it was a lackluster year overall for the company.

    By Mohit Oberoi, CFA
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    Basic Materials

    Teck Resources’ 2018 Outlook: Can the Uptrend Continue?

    Teck Resources (TECK), the Canada-based diversified miner (EWC), rose 23.9% in 2017. While its 2017 gains look decent, most of them came in December.

    By Mohit Oberoi, CFA
  • uploads///part  scrap
    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

    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
  • uploads///part  glencore copper production
    Basic Materials

    Is Glencore Really a Play on Electric Vehicles?

    Electric vehicles Glencore (GLEN-L), as well as some other miners, see EVs (electric vehicles) causing a disruption in metal markets. Several leading miners are looking for assets to position themselves as suppliers to the EV market. Mining companies are looking at cobalt, lithium, and copper assets to strengthen their asset base. Copper has attracted mining […]

    By Mohit Oberoi, CFA
  • uploads///part  copper price
    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

    Metals Experience Selling Pressure after Strong 2017

    In November, aluminum shed almost 5.0% and copper lost ~0.3%. However, we’ve seen a fresh wave of selling in industrial metals this month.

    By Mohit Oberoi, CFA
  • uploads///part  copper price
    Basic Materials

    Which Copper Miner Is Wall Street Betting On in 2018?

    In this series, we’ll see how analysts are rating leading copper miners as 2017 draws to a close. We’ll also see how vehicle electrification could impact mining companies.

    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
  • uploads///part  valuation
    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
  • uploads///part  teck strategy
    Basic Materials

    How Glencore and TECK’s Capital Allocation Strategies Stack Up

    Capital allocation is key for metal and mining companies given the industry’s capital-intensive nature.

    By Mohit Oberoi, CFA
  • uploads///part  price action
    Basic Materials

    Metal Prices Fell on Demand Concerns Last Week

    In this series, we’ll look at the key developments that impacted mining companies last week. We’ll also look at some of the company-specific developments that impacted mining stocks.

    By Mohit Oberoi, CFA
  • uploads///part  indonesia
    Basic Materials

    Freeport’s Indonesia Issues Just Keep Increasing

    Copper markets will closely follow the developments at Grasberg in the coming weeks. The developments could impact global copper markets.

    By Mohit Oberoi, CFA
  • uploads///part  copper price
    Basic Materials

    Copper’s on a High: Why Investors Are Optimistic

    Copper prices have regained momentum in October after showing weakness in the last month. So far, copper has risen 4.9% in October.

    By Mohit Oberoi, CFA
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    Consumer

    How Bunge Is Expanding Its Oilseed Segment’s Global Presence

    Bunge maintains a balanced footprint, with ~29% of its capacity in North America, 37% of its capacity in South America, and 19% of its capacity in Europe.

    By Sushree Mohanty
  • uploads///China Industrial Productoin
    Macroeconomic Analysis

    China Releases Mixed Economic Data

    The Chinese industrial production and retail sales data released on November 11, 2015, left investors with mixed feelings about the Chinese economy.

    By Val Kensington
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    Company & Industry Overviews

    Base Metals Keep Pressure on Mining Companies

    On November 10, weak Chinese inflation data led to a fall in base metals and related mining companies. BHP Billiton (BHP) fell to a new seven-year low on the NYSE.

    By Val Kensington
  • uploads///COPPER
    Company & Industry Overviews

    Base Metals Fall to Multiyear Lows

    On November 10, all base metals except tin recorded significant lows because of weak Chinese inflation data. Copper fell by 0.8% and reached a new six-year low of $4,925.5 per metric ton.

    By Val Kensington
  • uploads///China CPI
    Macroeconomic Analysis

    New Sign of Slowdown in China’s Inflation Data

    China’s CPI rose 1.3% in October, although it missed expectations of 1.5%. The increase was also below September’s CPI increase of 1.6%.

    By Val Kensington
  • uploads///copper price
    Company & Industry Overviews

    Can Production Cuts Stop the Falling Copper Prices?

    As a result of falling copper prices, major copper miners like Freeport-McMoRan, Glencore, and Anglo American have declared mine shutdowns and production cuts in the past two months.

    By Val Kensington
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    Company & Industry Overviews

    How Have Production Cuts Impacted the Copper Forecast?

    After increasing by 7% in 2014, the total refined copper mine production is forecast to increase by only 0.8% in 2015.

    By Val Kensington
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    Company & Industry Overviews

    LME Warehouse Data Indicating Support For Metal Prices, But XME Collapses

    Analysis of base metal inventories helps us understand the price and usage trends of the respective base metal, as well the price trends of base metal mining companies.

    By Val Kensington
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    Company & Industry Overviews

    Miners Are Cutting Production to Cope with Low Copper Prices

    Since the beginning of 2015, copper prices have dropped by 17%, which has impacted all major mining companies.

    By Val Kensington
  • uploads///BHP Assets
    Company & Industry Overviews

    Why Aren’t BHP and RIO Cutting Copper Production?

    While major mining companies like Freeport-McMoRan and Glencore are declaring copper production cuts, BHP Billiton says it is reluctant to decrease its copper production.

    By Val Kensington
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    Macroeconomic Analysis

    Weak Dollar Added Temporary Support to Copper Prices on October 26

    On October 26, copper prices found support from the weak US dollar, which declined in reaction to September’s new home sales data. The report showed an 11.5% drop from August’s sales data.

    By Val Kensington
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