Glencore Unsp ADR

After starting the day with decreased momentum, copper prices remains mixed on Friday, August 19. At 1:50 PM EDT on August 19, the COMEX copper futures contract for September delivery was trading at ~$2.17 per pound, a gain of ~0.16%.

At 1:15 PM EST on September 20, the COMEX copper futures contract for December delivery rose ~0.35%. It was trading at $2.16 per pound.

Freeport-McMoRan (FCX) is expected to release its 2Q16 earnings on July 26. In this series, we’ll explore what Wall Street analysts expect from FCX’s 2Q16 earnings.

After starting the day on a weaker note on Wednesday, August 3, copper maintained the same sentiment throughout the day and declined lower.

Goldman Sachs (GS) now expects copper prices to fall to $4,000 per metric ton this year. In its previous guidance, Goldman had expected copper to fall to $4,500 per metric ton in 2016.

At 6:20 AM EST on September 14, the COMEX copper futures contract for December delivery was trading at $2.13 per pound—a gain of ~1.2%.

Glencore’s metals and mining segment was the second-biggest contributor to its 1H15 revenues.

BHP Billiton is facing pressure in all the commodity businesses it’s involved in. At spot prices, free cash flow doesn’t cover the company’s dividends.

During its 4Q15 earnings conference call, Freeport-McMoRan (FCX) mentioned a debt reduction program to raise $5 billion–$10 billion to shore up its balance sheet.

Southern Copper has historically traded at a premium to Freeport.

Previously in this series, we’ve looked at China’s July steel and aluminum exports. In this final part of the series, we’ll look at Chinese copper imports.

Investments in renewable energy bode well for global copper demand, as the copper intensity in renewable energy is higher than in non-renewable energy.

China imported 390,000 metric tons of unwrought copper and copper products in August 2017—compared to 350,000 metric tons in August 2016.

Copper prices have shown strength over the last few trading sessions, which has helped the upwards price action of miners including Freeport-McMoRan (FCX), Glencore (GLNCY), and Southern Copper (SCCO).

During its 2Q17 earnings call, Freeport-McMoRan (FCX) lowered its 2017 copper production guidance to 3.7 billion pounds.

While trading activities account for more than 70% of Glencore’s consolidated revenues, most of its earnings come from the industrial business.

BHP Billiton’s (BHP) (BBL) unit costs declined by 16% in fiscal 2016, supported by increased capital efficiency. This helped BHP generate strong free cash flow.

Zinc has gained more than 15% in 2016 so far, outperforming other base metals in the same category.

BHP Billiton (BHP) (BBL) has reframed its capital allocation priorities, including sustaining capex, maintaining balance sheet strength, and cutting dividends.

The Vanguard European Stock Index Fund was the worst performer for 2015 among the ten funds in this review.

In the week ended January 9, copper and tin inventories increased. Levels for other base metals fell.

Brazil’s government has announced that it intends to start legal proceedings against Samarco, Vale, and BHP Billiton for Samarco’s tailings dam failure.

In this part of ours series, we’ll explore the trend in Freeport-McMoRan’s unit production costs.

In this part of the series, we’ll explore the trend in Freeport-McMoRan’s (FCX) revenues.

Glencore (GLNCY) is a relatively new entrant in the metals and mining industry. The company was founded in 1974.

Over the last decade, China (FXI) has been the key driver of global commodity trade. This holds true for industrial metals like copper, iron ore, and aluminum.

In 2014, its zinc operations contributed 31% to revenues and made up 27% of gross profit before depreciation and amortization.

The trend in copper prices has been clearly uneven this year. Higher copper prices benefit copper producers like Freeport-McMoRan.

Freeport has lost almost 20% of its market capitalization so far this year, making 2015 a turbulent period for the company.

Freeport-McMoRan (FCX) is a leading natural resources company. It’s among the top copper producers and holds the position of largest molybdenum producer.

Mining giants Rio Tinto and BHP Billiton have diversified portfolios of iron ore, aluminum, and copper assets, with most revenues coming from iron ore.