Copper Rally Is Overdone; China and Trump Won't Be Red Metal's Saviors
Following the election of Donald J. Trump as America's next president, copper has continued a furious rally that began near the end of October. Since Oct. 24, copper is up more than 20%, with gains accelerating after the U.S. election--copper is up 7% in the two days since. As would be expected due to financial and operating leverage, copper equities are up even more. "Pure-play" producers Freeport-McMoRan, Southern Copper, First Quantum, and Antofagasta have gained anywhere from 12% to 21% sinc...Antofagasta is a Chilean copper mining group engaged in the discovery, development and operation of copper mining assets. Co. operates four copper mines in Chile, two of which also produce significant volumes of by-products. In addition to mining, Co. has a transport division that provides rail and road cargo services in northern Chile primarily to mining customers, including to some of Co.'s own operations. Co. is organized into two business divisions based on their products: Mining and Railway and other transport services. The mining division is split by mine and exploration activity. The transport division provides rail cargo and road cargo together with a number of ancillary services.
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