Glencore Unsp ADR

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  • uploads///cOPPER
    Basic Materials

    Copper Weaker on August 19 Due to Weaker Demand Signs

    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%.

    By Val Kensington
  • uploads///Base Metals
    Company & Industry Overviews

    All of the Base Metals Recovered Except for Tin

    After a string of losing days, base metals recovered on January 13, 2016. Except for tin, all of the base metals rose on January 13 in the LME.

    By Val Kensington
  • uploads///scco fcx divergence
    Company & Industry Overviews

    Is Future Growth Driving the Divergence between Freeport and SCCO?

    Southern Copper (SCCO) is aggressively expanding its copper mining operations while Freeport-McMoRan (FCX) is selling its crown copper assets to repay some of its debt.

    By Mohit Oberoi, CFA
  • uploads///
    Company & Industry Overviews

    Base Metal Miners Recover

    In the week ended December 26, the equities of all major base metal miners gained, recovering from losses in the week prior.

    By Val Kensington
  • uploads///Copper
    Basic Materials

    Copper Rose to 1-Month High Price Levels on September 20

    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.

    By Val Kensington
  • uploads///part
    Basic Materials

    Can Freeport-McMoRan’s 2Q16 Earnings Justify Its Rally?

    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.

    By Mohit Oberoi, CFA
  • uploads///part  forward ebitda
    Company & Industry Overviews

    Freeport or Glencore: Which Company Looks Set for 2017?

    According to data compiled by Thomson Reuters, analysts expect Freeport-McMoRan (FCX) to post an adjusted EBITDA of $5.3 billion in 2017, compared to $4.9 billion in 2016.

    By Mohit Oberoi, CFA
  • uploads///Copper
    Basic Materials

    Copper Weakened amid Recovery in Dollar on August 3

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

    By Val Kensington
  • uploads///Copper
    Macroeconomic Analysis

    Copper Remains Stable as Brexit Fears Eased

    Although the fundamentals are not as supportive of the Market’s sentiment, the weakness of the dollar and decreased anxiety over the Brexit vote helped copper on Friday.

    By Val Kensington
  • uploads///cOPPER
    Macroeconomic Analysis

    Why Did Copper Ignore Stimulus from China?

    Copper prices experienced a roller coaster ride on Monday after important market-moving news from China.

    By Val Kensington
  • uploads///Miners weekly
    Company & Industry Overviews

    Base Metal Miners Declined the Week Ended January 2, 2016

    The equities of major base metal mining companies fell in the week ended on January 2. Freeport-McMoRan, one of the leading copper producers, fell last week and ended in a loss.

    By Val Kensington
  • uploads///Miners
    Macroeconomic Analysis

    Base Metal Miners on Tuesday, March 22: Some Up, Some Down

    Freeport-McMoRan (FCX), one of the largest copper miners, rose for the second consecutive trading day on Tuesday, March 22, 2016. It closed the day at $10.99, a rise of 1.8%.

    By Val Kensington
  • uploads///Freeport
    Macroeconomic Analysis

    Why Did Merrill Lynch Resume Coverage of Freeport-McMoRan?

    On Wednesday, March 2, 2016, Merrill Lynch resumed Freeport-McMoRan’s (FCX) coverage, with a neutral rating and a price target of $9.

    By Val Kensington
  • uploads///Miners
    Macroeconomic Analysis

    Base Metal Miners Freeport-McMoRan and Glencore Fell Last Week

    Freeport-McMoRan is one of the largest copper miners in the world. It fell for the second consecutive trading week. In the week ending on April 2, it fell 2.2%.

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

    Must Know: Goldman Provided Fodder to Copper Bears

    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.

    By Mohit Oberoi, CFA
  • uploads///Base Metals
    Macroeconomic Analysis

    Why Did Base Metals Fall in the Second Week of March?

    LME nickel fell to lower price levels last week and stood as the biggest loser in base metals. It fell 5.5% and ended the week at $8,830 per metric ton.

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

    Base Metals Dive after Opening the Week on a Surge

    All base metals declined that day on the LME, and LME nickel was the biggest loser of the day in base metals with a decline of 2.8%.

    By Val Kensington
  • uploads///Copper
    Basic Materials

    Why Is Copper Trading High in the Early Hours on September 14?

    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%.

    By Val Kensington
  • uploads///base metals
    Company & Industry Overviews

    Base Metals Continue to Rise in the London Metal Exchange

    The base metals found some relief on January 13, 2016. They carried the same positive sentiment to January 14. All of the base metals rose in the LME.

    By Val Kensington
  • uploads///COPPER
    Basic Materials

    Copper Dove in July 22 Due to a Stronger Dollar

    At 1:15 PM EDT on July 22, major copper producers Freeport-McMoRan (FCX), Billiton (BHP), and Rio Tinto (RIO) fell by ~1.7%, ~1.7%, and ~1.19%, respectively.

    By Val Kensington
  • uploads///PART  COSTS
    Earnings Report

    Freeport-McMoRan Sees More Room to Cut Costs

    Freeport-McMoRan expects its copper unit cash costs after by-product credits to be $1.10 per pound in 2016, a year-over-year reduction of more than 28%.

    By Mohit Oberoi, CFA
  • uploads///Untitled
    Company & Industry Overviews

    Could the OPEC Meeting Have an Impact on Alcoa?

    It could be déjà vu for Alcoa (AA) investors after the OPEC meeting on December 4, 2015. Last year’s decision to maintain daily crude output had a negative impact on all commodities.

    By Mohit Oberoi, CFA
  • uploads///part   profiles
    Miscellaneous

    What Does Freeport-McMoRan’s Rebound Mean for Investors?

    The upward momentum in Freeport could keep bears at bay for some time.

    By Mohit Oberoi, CFA
  • uploads///last
    Company & Industry Overviews

    Attention Freeport-McMoRan Investors: Here’s What to Watch in 2016

    There’s a long road ahead for Freeport-McMoRan’s asset sales program. The company is looking to raise between $5 billion and $10 billion in 2016.

    By Mohit Oberoi, CFA
  • uploads///part  TCK
    Company & Industry Overviews

    Will Teck Resources Have a Merry Christmas in 2017 Also?

    Higher commodity prices and an improved risk-on sentiment were Teck Resources’ key drivers in 2016.

    By Mohit Oberoi, CFA
  • uploads///metals and mining segment
    Company & Industry Overviews

    Understanding Glencore’s Metals and Mining Business

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

    By Mohit Oberoi, CFA
  • uploads///part
    Company & Industry Overviews

    Will Freeport Follow Glencore and Restore Its Dividend?

    Freeport-McMoRan and Glencore suffered from the same issues last year. While Glencore restored its dividend, Freeport hasn’t restored its dividend yet.

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

    Is the Projected Surplus Weighing on Copper This Year?

    Copper’s apparent demand has been better-than-expected this year on the rise in Chinese construction activity coupled with an increase in the country’s bonded stocks.

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

    Why October Could Be a Crucial Month for Freeport-McMoRan

    In the previous parts of this series, we looked at some of the macro developments that could impact Freeport-McMoRan (FCX) in October.

    By Mohit Oberoi, CFA
  • uploads///Progressive dividends
    Earnings Report

    Can BHP Maintain Its Dividends in 2016?

    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.

    By Anuradha Garg
  • uploads///last
    Earnings Report

    How Can Century Aluminum Manage the Current Downtrend?

    Fortunately for Century Aluminum, its leverage ratios are currently much lower than other companies in this space. CENX has $123 million in cash that should help it manage its operations over the next few quarters

    By Mohit Oberoi, CFA
  • uploads///china aluminum exports
    Macroeconomic Analysis

    Global Supply to Rise as China Eases Aluminum Export Taxes

    In its latest move, China has removed the export duty on several products, including rods and strips made from primary aluminum.

    By Mohit Oberoi, CFA
  • uploads///Copper
    Basic Materials

    Inside Rio Tinto’s Copper Outlook

    Rio reported a loss of $69 million in 1H17, compared with its loss of $56 million in 1H16.

    By Anuradha Garg
  • uploads///part  glencore
    Miscellaneous

    How Do Analysts Rate Glencore after 2016 Earnings?

    Glencore has come a long way since September 2015 when the stock fell to multiyear lows.

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

    Freeport-McMoRan’s Debt Reduction Plan: Key Takeaways

    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.

    By Mohit Oberoi, CFA
  • uploads///metal _
    Basic Materials

    Why Commodity Stocks Surged on April 18—All You Need to Know

    On April 18, commodity stocks saw their highest one-day gains in months. Iron ore, copper, and aluminum helped these stocks.

    By Anuradha Garg
  • uploads///last risks capex
    Company & Industry Overviews

    The Key Risks Facing Southern Copper

    The biggest risk facing the entire mining industry (XME) is the way Chinese demand will play out. Concerns over the Chinese slowdown could continue to weigh heavily on metal prices.

    By Mohit Oberoi, CFA
  • uploads///part  guidance
    Company & Industry Overviews

    Why Freeport’s 2017 Guidance Could Be in Disarray

    Freeport’s 2017 guidance could be in disarray because of Grasberg issues. Freeport’s debt reduction plan would be impacted due to the Grasberg impasse.

    By Mohit Oberoi, CFA
  • uploads///Base Metals Weekly
    Company & Industry Overviews

    Base Metals Fell Last Week: FCX, AA, GLNCY, BHP

    In the week ended on January 9, all base metals on the London Metal Exchange (LME) declined. The LME 3M Lead was the biggest loser of base metals last week with a loss of 9.6%.

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

    How Much Are Supply-Side Factors Helping Copper Prices?

    Producers like Freeport-McMoRan and Glencore announced production cuts last year in response to falling metal prices. There were also unplanned outages.

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

    Inside Copper’s 2017 Demand-Supply Dynamics

    Copper’s 2017 demand-supply dynamics As noted previously, copper prices have shown strength recently, piggybacking the weak US dollar. However, we should remember that in the medium-to-long term, demand-supply dynamics are a key driver of copper prices (TECK) (GLNCY). In this article, we’ll see how copper’s demand-supply balance looks in 2017. Demand China’s car sales regained momentum […]

    By Mohit Oberoi, CFA
  • uploads///mining _
    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
  • uploads///debt maturity
    Company & Industry Overviews

    Glencore’s Upcoming Debt Maturities: Key Investor Takeaways

    Between June 30, 2016, and December 2017, Glencore has debt maturities of $5.8 billion.

    By Mohit Oberoi, CFA
  • uploads///valuation  fcx vs scco
    Company & Industry Overviews

    Why Southern Copper Is Trading at a Premium to Freeport-McMoRan

    Southern Copper has historically traded at a premium to Freeport.

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

    Chinese Copper Imports: Can Freeport’s Good Run Continue?

    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.

    By Mohit Oberoi, CFA
  • uploads///part  indonesia
    Earnings Report

    The Tension Surrounding Freeport’s 1Q17 Earnings Call

    Along with the industry outlook, markets will be looking for some clarity on a few company-specific issues during Freeport’s 1Q17 earnings call.

    By Mohit Oberoi, CFA
  • uploads///part
    Company & Industry Overviews

    What a Complete Shutdown at Grasberg Could Mean for Freeport

    If Freeport-McMoRan completely shuts down its Grasberg mine, there could be a significant impact on the company.

    By Mohit Oberoi, CFA
  • uploads///Inventory
    Macroeconomic Analysis

    Which Base Metal Saw the Biggest Inventory Drop?

    LME tin fell the most of all base metals on Tuesday, February 16. The tin inventory level fell 4.2% to 4,085 tons.

    By Val Kensington
  • uploads///part  fcx
    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
  • uploads///part global demand
    Macroeconomic Analysis

    Global Copper Demand Contracts as Slowdown Looms

    According to the (International Copper Study Group) ICSG, global apparent copper demand fell 1.5%, or 250,000 metric tons, in the first nine months of 2015, as compared to the corresponding period last year.

    By Mohit Oberoi, CFA
  • uploads///
    Company & Industry Overviews

    Elliott Management Announced Its Stake in Alcoa

    On Monday, November 23, Alcoa (AA) shares rose more than 4% after Elliott Management announced its stake in the company.

    By Val Kensington
  • uploads///SHORT INTEREST
    Company & Industry Overviews

    Are Freeport-McMoRan Bears Caught in a Typical Short Squeeze?

    Freeport shorts got caught in a short squeeze and had to square off their positions as prices rose. At times, such short squeezes have a domino effect.

    By Mohit Oberoi, CFA
  • uploads///
    Company & Industry Overviews

    Base Metals Continue to Trade Higher

    After trading higher on December 18, all of the base metals except tin carried the same positive momentum to this week. They started the week with gains.

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

    Base Metals End Week with Gains

    In the week ended December 26, the major base metals gained. Copper, aluminum, zinc and lead ended the week in gains, whereas nickel and tin fell.

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

    Base Metal Miners Find Support

    Among the base metal miners, Freeport-McMoRan (FCX) recovered yesterday, rising 2.5% to end the day at $6.71.

    By Val Kensington
  • uploads///Alcoa
    Macroeconomic Analysis

    How Did Alcoa and Rio Tinto Perform Last Week?

    Similar to Freeport-McMoRan (FCX) and Glencore (GLNCY), Alcoa (AA) fell 4.6% in the week ending on March 26. It closed the week at $9.57.

    By Val Kensington
  • uploads///iNVENTR
    Macroeconomic Analysis

    London Metal Exchange: A Base Metal Inventory Update

    On February 15, 2016, except for the stock levels of aluminum and nickel, the inventory levels of all base metals fell on the London Metal Exchange.

    By Val Kensington
  • uploads///Copper
    Macroeconomic Analysis

    Longest Losing Streak: Why Copper Disappointed Last Week

    Copper in the LME fell 2.2% in the week ending on April 2. Copper in the LME fell for six consecutive trading days—the longest losing streak in 2016.

    By Val Kensington
  • uploads///Base Metals
    Macroeconomic Analysis

    Why Did Copper, Aluminum, and Nickel Fall?

    LME 3M Copper failed to close above the price level of $4,600 per metric tonne on February 18. Copper didn’t benefit because of fears due to growth in China.

    By Val Kensington
  • uploads///cOPPER
    Basic Materials

    What Made Copper Rise to 2-Month High Price Levels?

    At 1:35 PM EST on July 13, the COMEX copper futures contract for September delivery was trading at $2.24 per ounce—a gain of ~1.2%.

    By Val Kensington
  • uploads///part  copper imports
    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
  • uploads///AUY
    Company & Industry Overviews

    Yamana and Agnico Eagle: Is There More Upside in 2019?

    Yamana Gold (AUY) and Agnico Eagle Mines (AEM) outperformed the Gold Miners Index (GDX) and gold (GLD) in the first quarter of 2019.

    By Anuradha Garg
  • uploads///mining excavator _
    Basic Materials

    Vale Stock Could Benefit from Focus on Shareholder Returns

    Vale stock has outperformed its close peers on a year-to-date basis.

    By Anuradha Garg
  • uploads///people _
    Basic Materials

    Is Freeport’s Grasberg Transaction a Win-Win?

    On July 12, Freeport-McMoRan, the leading US-based copper miner, announced that the company would sell a small stake in PT Freeport Indonesia.

    By Mohit Oberoi, CFA
  • What Should Base Metal Companies Focus On?
    Real Insights

    What Should Base Metal Companies Focus On?

    The presidential election proved beneficial to the commodities market—especially the base metal asset class.

    By VanEck
  • uploads///Dividends
    Basic Materials

    Vale’s New Dividend Policy Announcement

    Vale SA (VALE) has guided for an “aggressive and sustainable” dividend policy going forward. The company is planning to come up with a new dividend policy by the end of March 2018.

    By Anuradha Garg
  • uploads///part  earnings
    Basic Materials

    Inside Freeport-McMoRan’s Earnings Estimates

    According to consensus estimates compiled by Thomson Reuters, Freeport-McMoRan (FCX) is expected to generate adjusted EBITDA of ~$1.4 billion in 3Q17 and ~$1.6 billion in 4Q17.

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

    How Freeport-McMoRan Benefits from Electric and Hybrid Vehicles

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

    By Mohit Oberoi, CFA
  • uploads///BHP_Estimates
    Basic Materials

    Why Analysts Are Bullish on BHP Billiton’s Fiscal 2018

    After coming under pressure, iron ore prices have rebounded to reach ~$78 per ton.

    By Anuradha Garg
  • uploads///part  copper
    Basic Materials

    China’s Copper Imports: Did Data Spoil Freeport’s Party?

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

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

    Reading Freeport’s Indonesia Timeline

    Freeport-McMoRan (FCX) discovered the Grasberg mine in 1988. In 2014, Indonesia banned the export of unprocessed ores from the country.

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

    Why Freeport Investors Will Likely Postpone the Celebration

    Despite Freeport’s announcement of a resolution to its long-term Grasberg dispute with the Indonesian government, its stock fell on August 29.

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

    Analysts Are Bullish on Teck Resources in 3Q17

    Of the 19 analysts polled by Thomson Reuters, four rated Teck Resources as a “strong buy,” 13 rated it as a “buy,” and two rated it as a “hold.”

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

    Why Markets Are Concerned about Freeport-McMoRan

    Markets are apprehensive about Freeport’s Indonesia operations. Freeport is exporting copper concentrate from Indonesia under a short-term export permit.

    By Mohit Oberoi, CFA
  • uploads///PART  COPPER IMPORT
    Basic Materials

    Freeport and Copper: Is a Correction in the Cards?

    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).

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

    It’s Raining Cash for Miners amid Resurgent Commodity Prices

    Freeport-McMoRan (FCX) generated free cash flows of $675.0 million in 2Q17, which took its 1H17 free cash flows to $1.1 billion.

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

    Analyzing Copper Miners’ 2017 Production Plans

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

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

    How Analysts View FCX and TECK after Their 2Q17 Earnings

    According to the consensus estimates compiled by Thomson Reuters, Freeport-McMoRan (FCX) carries a one-year price target of $14.76, implying a 1.9% upside over its August 1 closing price.

    By Mohit Oberoi, CFA
  • uploads///part
    Earnings Report

    What the Markets Want to Hear in Freeport’s 2Q17 Earnings Call

    Issues ranging from a labor impasse to frictions with the Indonesian government have hit Freeport’s Indonesian operations.

    By Mohit Oberoi, CFA
  • uploads///part  price action
    Company & Industry Overviews

    Teck Resources: What Could Drive the Next Leg of the Rally

    Teck Resources (TECK) is having a dismal 2017. Based on its July 7, 2017, closing price, the stock has fallen 11.8% this year.

    By Mohit Oberoi, CFA
  • uploads///PART  SCCO
    Miscellaneous

    How Are Analysts Rating Southern Copper in 2Q17?

    Southern Copper has received a “buy” or equivalent rating from only three of the 13 analysts surveyed by Thomson Reuters.

    By Mohit Oberoi, CFA
  • uploads///PART  FCX Q
    Earnings Report

    Why Analysts Expect Freeport-McMoRan’s 2Q17 Profits to Rise

    Freeport is expected to post revenues of $3.8 billion in 2Q17 compared to $3.3 billion in 1Q17.

    By Mohit Oberoi, CFA
  • uploads///part  inventory
    Miscellaneous

    The Truth behind 2017 Copper Inventories

    Fluctuations in copper inventories have been key drivers of copper prices in 2017.

    By Mohit Oberoi, CFA
  • uploads///part
    Company & Industry Overviews

    Freeport Is Fighting a Two-Front War in Indonesia

    Freeport’s Indonesia issues aren’t limited to the labor issue. The company is also involved in a negotiation with the Indonesian government.

    By Mohit Oberoi, CFA
  • uploads///part
    Company & Industry Overviews

    Freeport’s Indonesia Issues: Plot Thickens amid Layoffs

    Freeport-McMoRan owns the Grasberg copper mine in Indonesia. The mine has been in the news for the last few quarters. Generally, the news hasn’t been good.

    By Mohit Oberoi, CFA
  • uploads///part
    Company & Industry Overviews

    Can June Bring Respite for Freeport-McMoRan?

    Freeport-McMoRan (FCX), the world’s second-biggest copper miner, closed at $11.49 on May 31, losing 1.54% from its previous day’s closing price.

    By Mohit Oberoi, CFA
  • uploads///part  aluminum versus copper
    Company & Industry Overviews

    2 Reasons Alcoa Has Outperformed Freeport in 2017

    After its split, Alcoa (AA) is now a pure-play commodity producer, having integrated aluminum operations.

    By Mohit Oberoi, CFA
  • Company & Industry Overviews

    How TECK’s Debt Reduction Strategy Differs from Other Miners’

    Teck Resources isn’t the only miner working to repair its balance sheet. Almost every company in the metals and mining space is making efforts to cut its debt levels.

    By Mohit Oberoi, CFA
  • uploads///part  bullish driver
    Company & Industry Overviews

    Freeport-McMoRan: The Bullish Drivers for 2017

    May has generally not been a positive month for equity investors (DIA)(DJIA-INDEX). This phenomenon is infamously known as “sell in May and go away.”

    By Mohit Oberoi, CFA
  • uploads///PART  COPPER PRICE
    Miscellaneous

    What’s Copper’s Outlook as Supply Disruption–Fueled Rally Fades?

    LME (London Metal Exchange) three-month copper contracts have risen ~4.0% so far in 2017, based on copper’s April 7, 2017, closing price.

    By Mohit Oberoi, CFA
  • uploads///part  earnings impact
    Company & Industry Overviews

    Inside Freeport’s Indonesia Problem

    Freeport-McMoRan (FCX) expects to ship 4.1 billion pounds of copper, 2.2 million ounces of gold, and 92 million pounds of molybdenum in 2017.

    By Mohit Oberoi, CFA
  • uploads///part  grasberg
    Company & Industry Overviews

    Freeport and Indonesia: What Could be the Key Contention?

    Currently, Freeport is barred from exporting copper concentrates from Indonesia. The company’s export permit expired earlier this year.

    By Mohit Oberoi, CFA
  • uploads///part  fcx vs glencore
    Company & Industry Overviews

    How Freeport’s and Glencore’s Debt-Reduction Strategies Differed

    Glencore raised cash by selling assets last year. However, the company didn’t sell a stake in any of its core assets. Instead, it managed to raise cash by selling a 50% stake in its agriculture business.

    By Mohit Oberoi, CFA
  • uploads///part  cash flows
    Company & Industry Overviews

    How Freeport’s Cash Flows Stack Up against Other Copper Miners’

    Freeport-McMoRan (FCX) generated free cash flow of $916 million in 2016. Prior to that, it generated free cash flow of -$3.1 billion in 2015 and -$1.6 billion in 2014.

    By Mohit Oberoi, CFA
  • uploads///part  glencore
    Company & Industry Overviews

    Why Glencore Expects Its Copper Production to Fall in 2017

    Glencore expects to produce 1.4 million metric tons of copper in 2017 with a variation margin of 25,000 metric tons.

    By Mohit Oberoi, CFA
  • uploads///part  scco fcx
    Company & Industry Overviews

    SCCO or FCX: Which Can Offer Production Upside in 2017?

    Freeport expects to ship 1.9 million metric tons of copper, 2.2 million ounces of gold, and 92 million pounds of molybdenum in 2017.

    By Mohit Oberoi, CFA
  • uploads///part   production
    Company & Industry Overviews

    Comparing Freeport-McMoRan’s Production Profile with Its Peers’

    It’s important for investors in the metals and mining space to follow production and shipment data. Mining companies’ revenues are functions of commodity prices and shipments.

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

    How Analysts Are Rating Copper Miners in 1Q17

    In this series, we’ll analyze how analysts rate leading copper producers in 1Q17. We’ll also see how ratings have changed after 4Q16 earnings.

    By Mohit Oberoi, CFA
  • uploads///part  deficit
    Company & Industry Overviews

    Can Freeport-McMoRan’s Grasberg Issue Push Copper to a Deficit?

    Although copper has faced surplus production levels, the surplus isn’t as much as steel and aluminum.

    By Mohit Oberoi, CFA
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    Company & Industry Overviews

    Freeport-McMoRan: Can Supply Offset China’s Demand Slowdown?

    Miners such as Freeport-McMoRan (FCX) and BHP Billiton (BHP) depend on Chinese metal demand.

    By Mohit Oberoi, CFA
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