Teck Resources Ltd

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.

Canadian Pacific (CP) registered a fall of 5.2% in total railcars in the week ended August 27, 2016.

CSX’s (CSX) overall railcar traffic rose 3.1% in the 28th week of 2017 (ended July 15).

Newmont Mining is poised to overtake Barrick Gold as the world’s largest gold producer in 2018.

In this series, we’ll discuss recent copper industry indicators. We’ll see how copper prices have done in 2015. We’ll also discuss copper supply trends and demand.

Of the 19 analysts covering BHP Billiton (BHP), four analysts issued “buy” recommendations, while 12 issued “holds,” and three issued “sells.”

Freeport-McMoRan (FCX) posted revenues of $3.3 billion in 2Q16. In contrast, Freeport posted revenues of nearly ~$4.2 billion in 2Q15.

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

BHP Billiton’s (BHP) copper production fell 16.0% in fiscal 2017 to 1.3 million tons.

As we saw in the previous two parts of this series, Vale’s (VALE) iron ore and coal production increased sequentially in 2Q17.

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

Freeport-McMoRan (FCX) has been trading largely sideways around the $12 price level for almost a month. August has been a dull month for most companies in the metals and mining space.

Analysts expect Freeport-McMoRan (FCX) to post revenues of ~$3.7 billion in 2Q16 and $4.4 billion in 3Q16.

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

Although copper prices have recovered from sub-$5,000 levels, the worst doesn’t seem to be over for copper or Freeport-McMoRan (FCX).

The combined project will be a 50:50 joint venture between Goldcorp and Teck with the interim name of Project Corridor.

On August 27, Goldcorp (GG) announced that it has entered into an agreement with New Gold (NGD) to acquire its 30% interest in the El Morro gold-copper project in Chile.

Goldcorp (GG) announced on August 27 that it has bought the remaining 30% stake of El Morro from New Gold (NGD).

Freeport’s average realized copper prices fell 14% in 2Q15 on a year-over-year basis. Lower commodity prices took a toll on Freeport’s 2Q15 profits.

According to the World Bureau of Metal Statistics, Peru’s refined copper production declined in the first three months of the current year.

On a year-over-year basis, Chilean refined copper production fell by more than 1%. Incessant rains causing flooding are behind the decline in February’s copper production.

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

China is the world’s biggest automotive market, where close to 22 million vehicles are sold each year. A mid-sized vehicle has ~50 pounds of copper content.

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’s global mining portfolio shows that Freeport has major operations in North America, South America, Africa, and Indonesia.

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