Iron Ore, Copper, Equities, Mint Finance

Umang Agrawal

Iron Ore, Copper, Equities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>Weak mill profitability remains the key drag on iron ore, while elevated inventories and fading freight support continue to weigh on the near-term demand-supply balance.</li>
<li>The divergence in grade spreads shows 61% Fe underperforming both premium and lower-grade ore, pointing to weaker relative demand for the benchmark.</li>
<li>Options positioning remains tilted towards upside exposure, but unwinding at key strikes and a rising put-call ratio signal fading bullish conviction.</li>
</ul>


Weak mill profitability remains the key drag on iron ore, while elevated inventories and fading freight support continue to weigh on the near-term demand-supply balance.
The divergence in grade spreads shows 61% Fe underperforming both premium and lower-grade ore, pointing to weaker relative demand for the benchmark.
Options positioning remains tilted towards upside exposure, but unwinding at key strikes and a rising put-call ratio signal fading bullish conviction.


Iron Ore Monthly Derivatives Chartbook (September 2026)

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Based on prices and turnover from 16 January, there could be four additions for the index in January. Plus there will be capping and float changes.</li>
<li>Estimated one-way turnover is 2.9% resulting in a round-trip trade of US$420m. There are many stocks with multiple days of ADV to trade.</li>
<li>The index is up 108% over the last year and there have been large creations in <a href="https://www.smartkarma.com/entities/global-x-uranium-etf" target="_blank" data-smartkarma-citation="entities:32107:1" rel="noopener">Global X Uranium ETF (URA US)</a> over the last 9 months.</li>
</ul>


Based on prices and turnover from 16 January, there could be four additions for the index in January. Plus there will be capping and float changes.
Estimated one-way turnover is 2.9% resulting in a round-trip trade of US$420m. There are many stocks with multiple days of ADV to trade.
The index is up 108% over the last year and there have been large creations in Global X Uranium ETF (URA US) over the last 9 months.


Solactive Global Uranium & Nuclear Components Index Rebalance Preview: Four Potential Adds + Capping

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/citic-ltd" target="_blank" data-smartkarma-citation="entities:20590:1" rel="noopener">Citic Ltd (267 HK)</a> is a well-managed conglomerate trading at a big discount to its constituent parts</li>
<li>Earnings should move up from here and pays a decent dividend while you wait.</li>
<li>A member of both the the Hang Seng Index (HSI INDEX)  and the HSCCI and will attract inflows once institutional money returns</li>
</ul>



Citic Ltd (267 HK) is a well-managed conglomerate trading at a big discount to its constituent parts
Earnings should move up from here and pays a decent dividend while you wait.
A member of both the the Hang Seng Index (HSI INDEX)  and the HSCCI and will attract inflows once institutional money returns


Citic Limited - A Deeply Discounted Conglomerate in the Hang Seng Index

Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>CTAs are positioned in Asia uptrends, but the stocks that support it are losing momentum.</li>
<li>We uncovered stocks that sit outside the CTA trade that may be less vulnerable to outflows.</li>
<li>Tech uptrends remain intact, just lower their weight and make room for less volatile trends in financials.</li>
</ul>


CTAs are positioned in Asia uptrends, but the stocks that support it are losing momentum.
We uncovered stocks that sit outside the CTA trade that may be less vulnerable to outflows.
Tech uptrends remain intact, just lower their weight and make room for less volatile trends in financials.


CTA Trend Picks in Taiwan, South Korea, and Japan

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>Itochu has acquired Champion’s Japanese licensing and distribution rights, partnering with digital retail specialist Inglewood to run the brand.</li>
<li>Current retail sales stand at ¥27 billion, but Itochu is betting on a 30% jump within three years</li>
<li>Itochu and Inglewood hope to achieve this through an omnichannel overhaul and Inglewood’s e-commerce and AI-driven retail platform.</li>
</ul>


Itochu has acquired Champion’s Japanese licensing and distribution rights, partnering with digital retail specialist Inglewood to run the brand.
Current retail sales stand at ¥27 billion, but Itochu is betting on a 30% jump within three years
Itochu and Inglewood hope to achieve this through an omnichannel overhaul and Inglewood’s e-commerce and AI-driven retail platform.


Japan

ITOCHU Corporation is a general trading firm handling textiles, wood, machinery, metals, food, chemicals, construction materials, commodities, and energy related products such as oil and gas. The Company operates around the world. Itochu diversifies by operating in satellite communication and data communication businesses.

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Itochu Corp (8001 JP)

Iron Ore Monthly Derivatives Chartbook (September 2026)

Iron Ore's OI activity has shifted away from higher strikes, with the earlier 120-strike buildup largely unwound, signaling weaker conviction...

Mint Finance

Solactive Global Uranium & Nuclear Components Index Rebalance Preview: Four Potential Adds + Capping

We highlight 4 potential inclusions for the index in January. Estimated one-way turnover is 2.9% resulting in a round-trip trade of US$420m. There...

Brian Freitas

Citic Limited - A Deeply Discounted Conglomerate in the Hang Seng Index

Citic $267 has now broken through the 9/24 highs. It has been a laggard, but its financial subsidiary companies have been doing well (Citic Bank...

Rikki Malik

CTA Trend Picks in Taiwan, South Korea, and Japan

Trend followers are long Asian equities, but the mega-cap leaders are decelerating. If CTAs unwind, what survives? Hold strength at lower weights...

Damanick Dantes, CMT

Itochu Takes Control of Champion

Itochu partners with Inglewood to revamp Champion's Japanese operations, aiming for a 30% sales increase in three years through omnichannel...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Iron Ore Monthly Derivatives Chartbook (September 2026)

Iron Ore's OI activity has shifted away from higher strikes, with the earlier 120-strike buildup largely unwound, signaling weaker conviction...

Mint Finance

Solactive Global Uranium & Nuclear Components Index Rebalance Preview: Four Potential Adds + Capping

We highlight 4 potential inclusions for the index in January. Estimated one-way turnover is 2.9% resulting in a round-trip trade of US$420m. There...

Brian Freitas

Citic Limited - A Deeply Discounted Conglomerate in the Hang Seng Index

Citic $267 has now broken through the 9/24 highs. It has been a laggard, but its financial subsidiary companies have been doing well (Citic Bank...

Rikki Malik

CTA Trend Picks in Taiwan, South Korea, and Japan

Trend followers are long Asian equities, but the mega-cap leaders are decelerating. If CTAs unwind, what survives? Hold strength at lower weights...

Damanick Dantes, CMT

Itochu Takes Control of Champion

​Itochu partners with Inglewood to revamp Champion's Japanese operations, aiming for a 30% sales increase in three years through omnichannel...

Michael Causton

Itochu partners with Inglewood to revamp Champion's Japanese operations, aiming for a 30% sales increase in three years through omnichannel...