|Bid||49.55 x 900|
|Ask||49.60 x 900|
|Day's Range||48.71 - 49.68|
|52 Week Range||45.62 - 60.72|
|Beta (3Y Monthly)||0.85|
|PE Ratio (TTM)||8.83|
|Forward Dividend & Yield||2.54 (4.98%)|
|1y Target Est||61.76|
So far in this series, we discussed that copper’s near-term outlook has been impacted by the slowdown in Chinese demand. However, the looming supply-side led deficit, as predicted by most market observers, is a bullish driver.
Freeport-McMoRan (FCX), the leading US-based copper miner, has seen a significant upside after the stock fell to its 52-week low after its third-quarter earnings were released. Although Freeport-McMoRan managed to beat its earnings estimates in the third quarter for the top line and bottom line, investors gave a thumbs down to its earnings.
The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines Telecom Italia names Luigi Gubitosi new chief executive ...
From Congolese jungles to Indonesian highlands, a struggle is raging between governments and major mining companies over control of commodities vital to the production of everything from steel to electric cars to smartphones. Inc. were pressed to sell majority control of the world’s second-largest copper mine, Grasberg, to a government that aims to transform its state-owned resources companies into industry behemoths. The Democratic Republic of Congo signed into law a new mining code in June that will take a bigger slice of miners’ profits.
Nespresso, part of food giant Nestle, aims to use sustainable aluminium in all of its coffee capsules by 2020 under a deal with mining major Rio Tinto announced on Monday. Both companies have faced criticism for adding to pressure on the planet, with campaigners saying Nespresso coffee machines are wasteful and many of the used capsules end up in landfill. Under the deal, Anglo-Australian Rio Tinto will supply aluminium produced with renewable power and respect for biodiversity to Nespresso, the world leader in the coffee pod market.
“We see aluminum demand growth being extremely healthy,” Alf Barrios, Rio’s aluminum chief executive officer, said in an interview. Holdings of primary aluminum tracked by the London Metal Exchange fell for a second quarter in the period to September and shrunk last month to the lowest level since 2007. Bloomberg Intelligence has a positive medium-to-long view on aluminum based on global deficits persisting over the next three years, while Goldman Sachs Group Inc. judges that the market is too relaxed about supply risks.
has moved to burnish its ethical credentials with a deal to supply Nespresso with responsibly sourced aluminium for its coffee pods. Rio was the first producer to be certified by the ASI, a body seeking to promote sustainable supplies of the lightweight metal.
The Section 232 tariffs were President Trump’s first move in the trade war. Since then, President Trump imposed tariffs on $250 billion worth of Chinese goods. The US-China trade war and the general slowdown in China’s aluminum demand have taken a toll on aluminum prices, which hurt aluminum producers’ earnings.
Key InsightsThe value of exploration for cobalt and lithium, used in rechargeable batteries for EVs, jumped 82 percent in 2018, though spending remains a fraction of the amount deployed on gold or base metals.The number of companies and entities working on projects in 2018 rebounded to about 1,651 -- the first rise in active exploration companies in six years. Equity market funding for explorers also remains constrained.Higher metals prices and improved margins since 2016 have spurred producers to expand exploration work, according to Mark Ferguson, S&P Global’s associate director of metals and mining research. Industry observers are poring over satellite images for clues about a Rio Tinto Group project to find copper in a remote patch of Western Australia.
Most investors tend to think that hedge funds and other asset managers are worthless, as they cannot beat even simple index fund portfolios. In fact, most people expect hedge funds to compete with and outperform the bull market that we have witnessed over the past few years. However, hedge funds are generally partially hedged and […]
As we saw in the previous part of this series, iron ore prices have stood their ground despite growing headwinds for China (FXI). As we discussed in the previous part, one of the factors driving iron ore’s resilience is the stocking up by mills ahead of winter production curbs. As restocking completes and winter cuts kick in, the demand for iron ore from China could take a hit.
Chinese authorities imposed curbs on steel production last year ahead of winter months to reduce pollution. Steel mills are therefore in restocking mode to advance steel production before the curbs kick in. China’s iron ore import data for September also underscored this fact.
Oil stocks were among the top performers on Monday, driven by a spike in crude. Mining stocks also enjoyed investor attention, helping to boost the FTSE 100. British American Tobacco sold off on news that the US regulator could ban menthol cigarettes.
Asia-Pacific stocks struggled for direction on Monday while the pound dipped on the latest Brexit concerns. Japan’s Topix was flat as the technology sector mirrored falls on Wall Street on Friday. Technology ...
Industrialist Sanjeev Gupta said on Friday that he was on course to complete the acquisition of Europe’s largest aluminium smelter by the end of the November after securing finance for the $500m deal. “This agreement underlines the support of the banking community for GFG’s vision for economic and environmental sustainability,” Mr Gupta said in a statement.
Industralist Sanjeev Gupta's Liberty steel company has secured the financing for its acquisition of a Dunkirk aluminum smelter from Rio Tinto. The Liberty company said on Friday that it had entered into a committed financing agreement with a syndicate of major international banks. Liberty added that the financing allowed it complete the takeover of the site, which employs 560 staff, by end-November.
Is Paypal Holdings Inc (NASDAQ:PYPL) a good stock to buy right now? We at Insider Monkey like to examine what billionaires and hedge funds think of a company before doing days of research on it. Given their 2 and 20 payment structure, hedge funds have more resources than the average investor. The funds have access […]
Electric vehicles use a lot of copper. But supplies are already tight and it takes years to bring more on line. That should help a handful of European mining companies.
Moody's Investors Service ("Moody's") placed all ratings (A3 senior unsecured and P-2 short-term) of the Rio Tinto group rated entities (Rio Tinto) on review for upgrade. The review results from the strengthening Rio Tinto's metrics attributable to its debt reduction in recent years under its liability management program, the reduction in costs from the group's focus on productivity and logistics, which helps to mitigate cost creep being seen in input costs.
Can Iron Ore Maintain Its Price Momentum amid China's Slowdown? China’s manufacturing growth in October was at its weakest level in over two years. The PMI reading for China was the lowest since July 2016.
Despite making a lot of noise about its electric vehicle-focused mines such as nickel, copper and cobalt, Glencore has continued to buy more coal assets, adding rival Rio Tinto’s Australian operations to its portfolio this year. Coal-mining profit will eclipse copper earnings -- which are forecast by analysts to be about $5.5 billion -- for the first time since the trading house sold shares in London in 2011.
Global miner Rio Tinto's (RIO.AX)(RIO.L) outline deal to sell its stake in the Simandou iron ore project in Guinea has lapsed after years of negotiations failed to produce an agreement with Aluminum Corp of China (Chinalco) . Simandou is one of the world's biggest iron deposits, containing billions of tonnes of high-grade ore under the remote forested hills of Simandou, but development has been complicated by its location far from the West African nation's coast. Rio announced a non-binding deal to sell its stake in October 2016.
Mining companies must forge new ties with partners from customers to governments as they pursue innovation and compete for talent with technology giants, Rio Tinto's chief executive said in a speech to be delivered on Tuesday. The mining industry has recovered from the deep commodity crash of 2015-16, but faces headwinds from U.S.-China trade tensions, which have dented the copper price, and is struggling to win investor trust. In a copy of a speech to be delivered at a conference in Melbourne on Tuesday, CEO Jean-Sebastien Jacques said pushing the industry forward calls for "a brand new spirit of partnership".