Insights: Bullish Copper Stocks
• As we highlighted in our Nov. 1 Compass, base metals are the leading commodity segment this year, shrugging off the dollar's strength. Copper, which has withheld participation in this trend due to sluggish Chinese imports, is finally breaking out from a cyclical bottoming pattern. This breakout coincides with a dip in copper warehouse levels, which in September had broken out to 12-month highs.• Our regional Copper Groups -- U.S., European, Canadian, and Asia/Pacific -- are confirming with reversals of cyclical downtrends. Given the breakout in copper and the patterns in our Groups and most constituents, we recommend overweighting this theme.
• In today's report we highlight actionable set-ups in individual names, ranging from FCX and Antofagasta to Lundin Mining and HudBay Minerals... see pages 2-8.
• For ETF investors, the Global X Copper Miners ETF (COPX) provides a vehicle for gaining exposure to the bullish copper theme... see page 9.
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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.
Vermilion Research delivers timely, actionable, and unique research inputs to professional investors. Our research strategists highlight securities which we believe are at major inflection points, based on our various proprietary technical indicators, and offer asymmetric risk/return profiles. We believe our research methodology, which is not limited by industry sector or market capitalization, enables us to deliver superior investment recommendations.
Our process begins by organizing all actively traded stocks into coherent sectors, then into logical industry groups. We then apply our proprietary relative strength tools to identify developing price trends. Once attractive trends are identified within a selected sectors or groups, we screen for individual stocks which we believe offer the best risk/reward profile. Vermilion offers U.S. and global equity market research products. Vermilion’s research team, which has received numerous awards and accolades, has a combined 70 year of experience in the analysis of investment securities.
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