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...First Quantum Minerals is engaged in the production of copper, nickel, gold, zinc, platinum-group elements and acid, and related activities including exploration and development. Co. has operating mines located in Zambia, Australia, Finland, Turkey, Spain and Mauritania. Co. is developing the Trident project in Zambia, the Cobre Panama copper project in Panama, exploring the Haquira copper deposit in Peru and the Taca Taca copper-gold-molybdenum porphyry deposit in Argentina. Co.'s operating segments are individual mine development projects or mine operations. The Corporate and Other segment evaluates and acquires new mineral properties and includes Co.'s metal marketing division.
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