Jiangxi Copper says rainstorms hit production
HONG KONG, Feb 5 (Reuters) - Jiangxi Copper Co Ltd (0358.HK: Quote, Profile, Research) (600362.SS: Quote, Profile, Research) said rainstorms in the southern part of China have had a significant impact on production, affecting production volumes in the quarter.
"Apart from Yongping copper mine, the whole or at least half of the production activities of the copper mines of the company in Jiangxi Province have ceased," the company said in a statement late on Monday.
China's top integrated copper producer said its copper smelting factory could only maintain 60 to 70 percent of production levels while other copper processing enterprises are operating under limited production conditions.
Jiangxi Copper said production is expected to return to normal levels with an improvement in electricity supply and transportation. The company accounted for 16 percent of China's refined copper production in 2007.
* Shares of Jiangxi Copper Co Ltd (0358.HK: Quote, Profile, Research) fell 3.8 percent to HK$15.32 after China's top integrated copper producer said rainstorms in southern China had a material impact on production, and the whole or at least half of the production activities of its copper mines in Jiangxi Province had ceased. Its copper smelting factory could only maintain a 60 to 70 percent level of production. [ID:nHKG308761]
Ah, more speculation.
I agree w/ eazzy_to_see - we "might" see a stock split, FCX will "probaby" carry on the traditon, and it's not his "hunch". We might also see FCX eclipse Google's market cap by 2Q08, get into agriculture, and begin mining on the moon. If those happen, I'm on record! BTW, these are not my hunches - one is a gut feeling and two are aspirational beliefs.
If we do see a stock split, kudos to PD for being powerful enough to get acquired then run the show.
I just wish that Berkshire Hathaway had one powerful portfolio company who could show the "stock split" light to the almighty CEO & parent company - that would be cool.
FTR, I support a stock split but don't think it matters that much given the % of shares owned by institutions. Actually, I shouldn't even bother reading posts on the subject b/c every thread has the same meaningless opinions, banter, and points. Shame on me for wasting my time and perpetuating by posting.
You're right, especially as it relates to a longer term benefit. I'm not sure about the effect on today's stock price since I think the cut is already priced into the market but I agree the lower rate will have a positve effect in the months to come. I feel many are overestimating the rate cut's effect - there might be a little jump but not too much.
As a long-term holder, the rate cut is less significant since I'm not buying/selling on swings; I just hope that FCX keep paying off debt, strenghtening thier balance sheet, cranking out copper/moly/gold, and getting best price/terms on thier current and future sales. Combine these with lower interest rates, and this stock will be much greater a year from now.
In addition to a favorable fiscal policy, it's essential that the Government maintains a monetary policy that benefits international companies like Freeport.
While I'm a realistic/optimistic long-term holder, not sure if we're going to see that much of a jump.
We might see a little bump, but the rate cut is already priced into the market. I'm sure there are many short-term holders who hope there's a jump. If FCX drops, they have a stop-loss limit. If the stock really bursts up, they'll take profits thereby preventing/slowing further daily appreciation.
IMO, there are certainly opprtunties for day traders and short-term holders, and while a select few of these will make great returns, the best return w/ less risk will come to long-term holders.
Agree, there is a lot at stake, but don't think the Fed has the power/ability to stop the recession.
The Fed only controls monetary policy meaning their main tool is the ability to adjust interest rates. Naturally, a lower rate inspires more spending, but it's not a cure-all.
The primary determinant of GDP is fiscal policy (taxation, import/exports, govt spending), which dictated by the government.
Concur there is a lot at stake, but I believe that American's are naively led to believe that rate cuts will stave off recessions. A rate cut is simply one factor in a complex equation; unfortunately for the Fed, it's one factor that has an immediate effect. Alternatively, it takes much longer for fiscal policies to have an effect.
Related, I don�t see the government doing many things that positively affect the fiscal policy. I see a lot of disagreement and preparation for elections but not much work directed at preventing/neutralizing/minimizing a recession. Hate to say it but I think a recession is inevitable
Yes, 9% yields are more attractive than 3%, but one needs to account for risk and an adjusted yield if price drops.
certainly seems like we're entering a recession and ACAS's portfolio will be significantly affected even though they've tried to diversify and minimize risk. naturally, these elements are built into the price.
Let's just wait ... this thread might blow-up w/ lots of activity.
I really hope that all of those who see the future opine. They normally provide the most valuable and insightful posts.
Do you mean the great news is your idea - that we shouldn't be surprised to see FCX sell the Climax mine?
Or are you thinking that the mine is similar to many of Freeport's other key assets/mines in that they could be sold individually?
In the spirit of using accurate numbers, it's:
5.3% of company based on 380m o/s share and
4.5% of company based on a total of 444m o/s & convertible shares
Kudos on cranking out a large number of daily posts plugging your blog. I know it's easy using the cut-n-paste function, but I'm still impressed w/ your dedication & endurance.
311 posts in the last 38 days - wow!
Remains to be see what happens since BHP expressed desire to continue despite rejection.
Biggest question is what does "continue" mean - talk, hostile takeover, etc.?
Kudos to SherrysGone for some common sense, specifically this:
"Sell on strength; buy on weakness is the motto for now! I personally think everyone should just sit it out on the sidelines for awhile. Daytraders who know what they are doing will probably make the best returns for the present time."
IMO, the key thing is to watch what intitutional investors do. To clarify - look at what they do (not what they say.) They have more info and know more than everyone here (even those who proudly proclaim they read the financials, "study" the sector, listen to calls, and visit the boards)
Wish there was a way to filter all comments where
a) people asked questions instead of taking 3 mins to do a google search
b) make unrealistic meaningless predicitons e.g. fcx's price will quadruple today and market cap will exceed Googles by year-end.
c) say things like you day trade so you are clearly an idiot and can't possibly be making money. (and vice versa)
I enjoy your optimism, but you need to tailor your expectations - $120 (a $12 jump) on a day/market like this is simply not realistic.
I'm a long but think the day trader ire is simply silly. They employ a different strategy, so who cares if it works for them or not. In fact, given FCX's recent volatility, it would be senseless for day traders to not be activley trading this stock.
Thanks for reminding me -
I'm so darn forgetful that I really appreciate you posting this same email ... on numerous boards ... every couple days. Thank you!
I would agree - I think the market used some old fashioned effeciency and repositioned spot prices for all key metals & minerals.
Still very bullish on FCX and am hopeful they can now out-execute thier competitors, exceed expectations, peel away thier debts, and slc thier key metals (slc = sell like crazy)