Global Materials | Industrials | Commodities

Rahul Jain

Commodities

<ul>
<li>Commodity trends remain bifurcated: gold, copper, and uranium are surging, while iron ore, and coal struggle under oversupply and weak demand.</li>
<li>Top picks: <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24628:1" rel="noopener">Zijin Mining Group (601899 CH)</a><a href="https://www.smartkarma.com/entities/shandong-gold-mining-co-ltd-4527fb98-bb5d-4d74-91fe-66f9c0224eb3" target="_blank" data-smartkarma-citation="entities:27455:1" rel="noopener">Shandong Gold Mining (1787 HK)</a><a href="https://www.smartkarma.com/entities/jsw-steel-ltd" target="_blank" data-smartkarma-citation="entities:18561:1" rel="noopener">JSW Steel Ltd (JSTL IN)</a>, <a href="https://www.smartkarma.com/entities/lloyds-metals-energy-ltd" target="_blank" data-smartkarma-citation="entities:15467:1" rel="noopener">Lloyds Metals &amp; Energy (LYDM IN)</a> , <a href="https://www.smartkarma.com/entities/paladin-energy-ltd" target="_blank" data-smartkarma-citation="entities:10117:1" rel="noopener">Paladin Energy (PDN AU)</a> </li>
<li>Top shorts: <a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a> , <a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel Corporation (5401 JP)</a><a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India Ltd (COAL IN)</a><a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN)</a> </li>
</ul>


Commodity trends remain bifurcated: gold, copper, and uranium are surging, while iron ore, and coal struggle under oversupply and weak demand.
Top picks: Zijin Mining Group (601899 CH)Shandong Gold Mining (1787 HK)JSW Steel Ltd (JSTL IN), Lloyds Metals &amp; Energy (LYDM IN) , Paladin Energy (PDN AU) 
Top shorts: Hindalco Industries (HNDL IN) , Nippon Steel Corporation (5401 JP)Coal India Ltd (COAL IN)Tata Steel Ltd (TATA IN) 


Global Metals & Mining Playbook – July 2025

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos and DLC mainly tightened during June. Coverage of CF Alba is discontinued following delisting. Discounts (30 June): GBL, 36% (vs. 37.9% on 30 May); </li>
<li>Heineken Holding, 14% (vs. 12.5%); Industrivärden C, 10% (vs. 9.6%); Investor B, 12.1% (vs. 9.6%); Porsche Automobile Holding, 28% (vs. 29.5%); Rio DLC 20.9% (vs. 22.2%); Vivendi 44.9% (vs. 47.1%). </li>
<li>What seems interesting (unchanged views): Heineken Holding, vs. Heineken, Porsche SE vs. listed assets and Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


Discounts to NAV of covered holdcos and DLC mainly tightened during June. Coverage of CF Alba is discontinued following delisting. Discounts (30 June): GBL, 36% (vs. 37.9% on 30 May); 
Heineken Holding, 14% (vs. 12.5%); Industrivärden C, 10% (vs. 9.6%); Investor B, 12.1% (vs. 9.6%); Porsche Automobile Holding, 28% (vs. 29.5%); Rio DLC 20.9% (vs. 22.2%); Vivendi 44.9% (vs. 47.1%). 
What seems interesting (unchanged views): Heineken Holding, vs. Heineken, Porsche SE vs. listed assets and Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: June 2025 Report

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>Iron ore prices continue to inch lower as import options for China increase. China accounts for 72% of the seaborne market. </li>
<li>For China, imports from Brazil and Australia account for 82% of its overall number.  South Africa and India are 5% but the other category (13%) is now growing. </li>
<li>Can Imports from other regions, such as <strong>Canada, Ukraine, Africa, Iran, and Peru</strong>, increase? Data shows that it is happening. </li>
</ul>


Iron ore prices continue to inch lower as import options for China increase. China accounts for 72% of the seaborne market. 
For China, imports from Brazil and Australia account for 82% of its overall number.  South Africa and India are 5% but the other category (13%) is now growing. 
Can Imports from other regions, such as Canada, Ukraine, Africa, Iran, and Peru, increase? Data shows that it is happening. 


Iron Ore: China Imports From Ukraine, Iran, And Peru Show An Increasing Trend

Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

Commonwealth Bank of Australia / Equity Bottom-Up

<ul>
<li>A global perspective on what happened overnight</li>
</ul>


A global perspective on what happened overnight


Commonwealth Bank of Australia - The Overnight Report: Geopolitical Crescendo 

<ul>
<li>Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions</li>
</ul>


Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions


Rudi's View: CBA, Life360, ResMed, Zip & More

Australia

Rio Tinto Limited is an international mining company.  The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Dually-listed company with RIO LN.

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Rio Tinto Ltd (RIO AU)

Global Metals & Mining Playbook – July 2025

Commodity trends show gold, copper, and uranium surging, while iron ore and coal struggle. Top picks include Zijin Mining Group, Shandong Gold...

Rahul Jain

Selected European HoldCos and DLC: June 2025 Report

Discounts to NAV of covered holdcos and DLC mainly tightened during June. What seems interesting (unchanged views): Heineken Holding, Porsche SE...

Jesus Rodriguez Aguilar

Iron Ore: China Imports From Ukraine, Iran, And Peru Show An Increasing Trend

We assess the impact of rising exports from geographic destinations other than Australia and Brazil on iron ore, providing data on increases in...

Sameer Taneja

Commonwealth Bank of Australia - The Overnight Report: Geopolitical Crescendo

A global perspective on what happened overnight

FNArena

Rudi's View: CBA, Life360, ResMed, Zip & More

Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions

FNArena

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Global Metals & Mining Playbook – July 2025

​Commodity trends show gold, copper, and uranium surging, while iron ore and coal struggle. Top picks include Zijin Mining Group, Shandong Gold...

Rahul Jain

Selected European HoldCos and DLC: June 2025 Report

Discounts to NAV of covered holdcos and DLC mainly tightened during June. What seems interesting (unchanged views): Heineken Holding, Porsche SE...

Jesus Rodriguez Aguilar

Iron Ore: China Imports From Ukraine, Iran, And Peru Show An Increasing Trend

We assess the impact of rising exports from geographic destinations other than Australia and Brazil on iron ore, providing data on increases in...

Sameer Taneja

Commonwealth Bank of Australia - The Overnight Report: Geopolitical Crescendo

A global perspective on what happened overnight

FNArena

Rudi's View: CBA, Life360, ResMed, Zip & More

Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions

FNArena

Commodity trends show gold, copper, and uranium surging, while iron ore and coal struggle. Top picks include Zijin Mining Group, Shandong Gold...