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>Corporations and countries continue their pursuit of critical minerals, such as copper. The failed <a href="https://www.reuters.com/sustainability/sustainable-finance-reporting/bhp-abandons-anglo-american-approach-says-own-growth-plan-compelling-2025-11-23/" target="_blank" rel="noopener">BHP-Anglo merger </a>was followed by the successful <a href="https://www.angloamerican.com/investors/anglo-american-teck-merger" target="_blank" rel="noopener">Anglo-Teck</a> merger and, more recently, the revived <a href="https://www.afr.com/rich-list/ivan-glasenberg-s-wealth-tops-21b-on-rio-glencore-mega-merger-talks-20260114-p5ntvp" target="_blank" rel="noopener">Rio-Glencore merger</a> talks.</li>
<li>Following actions involving Venezuela and recent interest in Greenland, the Trump administration has more directly aligned itself with broader efforts to secure strategic critical mineral reserves.</li>
<li>Amplified by the recent COMEX copper inventory build (&gt;25% of U.S. demand), current market dynamics reflect heightened speculative activity, even as copper prices paused for the first time last week.</li>
</ul>


Corporations and countries continue their pursuit of critical minerals, such as copper. The failed BHP-Anglo merger was followed by the successful Anglo-Teck merger and, more recently, the revived Rio-Glencore merger talks.
Following actions involving Venezuela and recent interest in Greenland, the Trump administration has more directly aligned itself with broader efforts to secure strategic critical mineral reserves.
Amplified by the recent COMEX copper inventory build (&gt;25% of U.S. demand), current market dynamics reflect heightened speculative activity, even as copper prices paused for the first time last week.


Copper Takes a Breather, but Animal Spirits Poised to Take Over in Greenland Land Grab

<ul>
<li>Copper ended the week having breached 13,000 USD/ton in the cash market. We elaborated on this in <a href="https://www.smartkarma.com/insights/copper-breaks-12k-usd-ton-move-to-13k-usd-ton-by-early-next-year" target="_blank" data-smartkarma-citation="insights:215539" rel="noopener">Copper Breaks 12k USD/Ton: Move To 13k USD/Ton By Early Next Year</a> </li>
<li>Prior to this, we highlighted supply issues in <a href="https://www.smartkarma.com/insights/copper-mine-by-mine-supply-challenges-for-everyone-update-as-copper-is-set-to-break-12k-usd-ton" target="_blank" data-smartkarma-citation="insights:215345" rel="noopener">Copper Mine By Mine Supply Challenges For Everyone: Update As Copper Is Set to Break 12k USD/Ton</a> </li>
<li>We now see a revision in earnings upwards for the equities, which we will touch upon here, our favorites being <a href="https://www.smartkarma.com/entities/southern-copper-corp" target="_blank" data-smartkarma-citation="entities:16279:1" rel="noopener">Southern Copper (SCCO US)</a> / <a href="https://www.smartkarma.com/entities/antofagasta-plc" target="_blank" data-smartkarma-citation="entities:21814:1" rel="noopener">Antofagasta PLC (ANTO LN)</a> </li>
</ul>


Copper ended the week having breached 13,000 USD/ton in the cash market. We elaborated on this in Copper Breaks 12k USD/Ton: Move To 13k USD/Ton By Early Next Year 
Prior to this, we highlighted supply issues in Copper Mine By Mine Supply Challenges For Everyone: Update As Copper Is Set to Break 12k USD/Ton 
We now see a revision in earnings upwards for the equities, which we will touch upon here, our favorites being Southern Copper (SCCO US) / Antofagasta PLC (ANTO LN) 


Copper Breaks 13,000 USD/Ton, Upgrades To Equities To Gain Momentum

<ul>
<li>In our prior insight, <a href="https://www.smartkarma.com/insights/copper-mine-by-mine-supply-challenges-for-everyone-update-as-copper-is-set-to-break-12k-usd-ton" target="_blank" rel="noopener">we highlighted grave global copper supply issues.</a>The latest copper supply casualty is <a href="https://www.smartkarma.com/entities/capstone-copper-corp" target="_blank" data-smartkarma-citation="entities:25359:1" rel="noopener">Capstone Copper (CS CN)</a> with a <a href="https://www.bloomberg.com/news/articles/2026-01-02/capstone-chile-miners-strike-as-record-copper-lifts-expectations" target="_blank" rel="noopener">strike at the Mantoverde mine Chile</a>.</li>
<li>Shortly after copper broke the 12k USD/ton mark, we followed it up with <a href="https://www.smartkarma.com/insights/copper-breaks-12k-usd-ton-move-to-13k-usd-ton-by-early-next-year" target="_blank" data-smartkarma-citation="insights:215539" rel="noopener">Copper Breaks 12k USD/Ton: Move To 13k USD/Ton By Early Next Year</a> </li>
<li>Copper is now at 12.5k USD/ton, and we believe there is an alot of momentum building in the commodity, and breaking 13k USD/ton will likely happen soon.</li>
</ul>


In our prior insight, we highlighted grave global copper supply issues.The latest copper supply casualty is Capstone Copper (CS CN) with a strike at the Mantoverde mine Chile.
Shortly after copper broke the 12k USD/ton mark, we followed it up with Copper Breaks 12k USD/Ton: Move To 13k USD/Ton By Early Next Year 
Copper is now at 12.5k USD/ton, and we believe there is an alot of momentum building in the commodity, and breaking 13k USD/ton will likely happen soon.


Copper: Steady Path to 13k USD/Ton, With Capstone (CS CN) Being The Latest Supply Casualty

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut — a roundup of standout themes from the 1,900+ insights published on Smartkarma over the past month. </li>
<li>In this cut, we spotlight fresh additions to our 2026 high conviction list, review the strong pipeline of China healthcare IPOs, and assess sentiment after the strong year-end metals rally.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut — a roundup of standout themes from the 1,900+ insights published on Smartkarma over the past month. 
In this cut, we spotlight fresh additions to our 2026 high conviction list, review the strong pipeline of China healthcare IPOs, and assess sentiment after the strong year-end metals rally.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Expanding 2026 Top Picks, China Healthcare IPO Bonanza & The Metals March

<ul>
<li>A confluence of a weakening dollar, lacklustre supply growth, and tailwinds from the demand narrative led copper to break 12k USD/ton by year-end.</li>
<li>The situation has been exacerbated by stockpiling in the US due to an impending 15% tariff on copper effective January 2027, resulting in "economically trapped" inventory. </li>
<li>We remain bullish on copper and expect 2026 to be another tight year, with prices potentially breaching 13k USD/ton. </li>
</ul>


A confluence of a weakening dollar, lacklustre supply growth, and tailwinds from the demand narrative led copper to break 12k USD/ton by year-end.
The situation has been exacerbated by stockpiling in the US due to an impending 15% tariff on copper effective January 2027, resulting in "economically trapped" inventory. 
We remain bullish on copper and expect 2026 to be another tight year, with prices potentially breaching 13k USD/ton. 


Copper Breaks 12k USD/Ton: Move To 13k USD/Ton By Early Next Year

United Kingdom

Antofagasta plc is a Chilean multinational conglomerate primarily focused on copper mining, with operations concentrated in Chile. The company operates four copper mines, producing copper cathodes and concentrates, along with gold, silver, and molybdenum as by-products. Additionally, it has a transport division providing rail and road cargo services for mining customers in northern Chile. Antofagasta was incorporated in London in 1888 and is headquartered in London, England.

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Antofagasta (ANTO LN)

Copper Takes a Breather, but Animal Spirits Poised to Take Over in Greenland Land Grab

The pursuit of critical minerals by corporations and countries (China, USA) is driving animal spirits in the copper market. We highlight our top...

Sameer Taneja

Copper Breaks 13,000 USD/Ton, Upgrades To Equities To Gain Momentum

Copper has surpassed $13,000/ton. Our analysis indicates consensus lags with ~$11,500/ton assumed for Southern Copper FY26 earnings, and we see...

Sameer Taneja

Copper: Steady Path to 13k USD/Ton, With Capstone (CS CN) Being The Latest Supply Casualty

A strike at Capstone Copper’s Mantoverde mine (CS CN) has curtailed roughly 70% of output, adding to supply risk as copper prices continue to trend...

Sameer Taneja

Curator's Cut: Expanding 2026 Top Picks, China Healthcare IPO Bonanza & The Metals March

In the first issue of Curator's Cut in 2026, we review more high conviction ideas, the pipeline of China healthcare IPOs, and sentiment around...

Pranav Rao

Copper Breaks 12k USD/Ton: Move To 13k USD/Ton By Early Next Year

We end the year with copper breaking 12k USD/ton. Our call for early next year is copper breaching 13k USD/ton, due to a confluence of factors,...

Sameer Taneja

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Copper Takes a Breather, but Animal Spirits Poised to Take Over in Greenland Land Grab

The pursuit of critical minerals by corporations and countries (China, USA) is driving animal spirits in the copper market. We highlight our top...

Sameer Taneja

Copper Breaks 13,000 USD/Ton, Upgrades To Equities To Gain Momentum

Copper has surpassed $13,000/ton. Our analysis indicates consensus lags with ~$11,500/ton assumed for Southern Copper FY26 earnings, and we see...

Sameer Taneja

Copper: Steady Path to 13k USD/Ton, With Capstone (CS CN) Being The Latest Supply Casualty

A strike at Capstone Copper’s Mantoverde mine (CS CN) has curtailed roughly 70% of output, adding to supply risk as copper prices continue to trend...

Sameer Taneja

Curator's Cut: Expanding 2026 Top Picks, China Healthcare IPO Bonanza & The Metals March

​In the first issue of Curator's Cut in 2026, we review more high conviction ideas, the pipeline of China healthcare IPOs, and sentiment around...

Pranav Rao

Copper Breaks 12k USD/Ton: Move To 13k USD/Ton By Early Next Year

We end the year with copper breaking 12k USD/ton. Our call for early next year is copper breaching 13k USD/ton, due to a confluence of factors,...

Sameer Taneja

In the first issue of Curator's Cut in 2026, we review more high conviction ideas, the pipeline of China healthcare IPOs, and sentiment around...