Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

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>China’s refined copper output is projected to contract 4–5% this month—the first seasonal decline since 2016—driven by smelter inefficiencies and concentrate shortages.</li>
<li>Exchange inventories show divergence: LME and SHFE stocks are falling while CME stocks rise, amplifying regional supply tightness and premium volatility.</li>
<li>CME Copper futures show strengthening bullish momentum, with RSI above 50 and MACD nearing a bullish crossover, signaling improving market sentiment.</li>
</ul>


China’s refined copper output is projected to contract 4–5% this month—the first seasonal decline since 2016—driven by smelter inefficiencies and concentrate shortages.
Exchange inventories show divergence: LME and SHFE stocks are falling while CME stocks rise, amplifying regional supply tightness and premium volatility.
CME Copper futures show strengthening bullish momentum, with RSI above 50 and MACD nearing a bullish crossover, signaling improving market sentiment.


Copper’s Perfect Storm: Supply Strains Meet Fed Tailwinds

Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

<ul><li>During the week, Anglo American bought the Canadian copper miner Teck Resources - creating a $50 billion copper giant. The company will be rebranded to Anglo Teck.</li><li>With the deal, the company expects to give shareholders close to 70% copper exposure.</li><li>Anglo Teck will hold a portfolio of producing operations, including “six world-class copper assets, alongside high-quality premium iron ore and zinc businesses.” </li></ul>

During the week, Anglo American bought the Canadian copper miner Teck Resources - creating a $50 billion copper giant. The company will be rebranded to Anglo Teck.With the deal, the company expects to give shareholders close to 70% copper exposure.Anglo Teck will hold a portfolio of producing operations, including “six world-class copper assets, alongside high-quality premium iron ore and zinc businesses.” 

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>The U.S. Dollar Index (DXY) has fallen sharply to 97.33, down over 10% year-to-date and hitting a fresh 1-year low.</li>
<li>This decline is being driven by rising expectations of Fed rate cuts, political uncertainty around central bank independence, and a broader shift in global risk appetite.</li>
<li>Over the past two years, gold miners, aluminum, copper, and diversified metal stocks have shown the strongest inverse correlation with DXY.</li>
</ul>


The U.S. Dollar Index (DXY) has fallen sharply to 97.33, down over 10% year-to-date and hitting a fresh 1-year low.
This decline is being driven by rising expectations of Fed rate cuts, political uncertainty around central bank independence, and a broader shift in global risk appetite.
Over the past two years, gold miners, aluminum, copper, and diversified metal stocks have shown the strongest inverse correlation with DXY.


DXY Cracks 97: Commodity Stocks in Focus as Dollar Slide Deepens

<ul>
<li>Copper Bull Case: Electrification and constrained supply support a bullish $10k/t copper outlook, positioning Japan Inc. as a strategic beneficiary of the energy transition.</li>
<li>Japan Inc. Exposure: ~0.95 Mt attributable output (~63–66% demand) drives ~$6bn EBITDA; SMM and JX Advanced Metals are most leveraged, trading houses offer diversified exposure.</li>
<li>Growth Optionality: Nittetsu’s Chile projects add near-term growth (2026–28), while Quechua provides long-dated optionality into the 2030s, enhancing Japan’s copper security.</li>
</ul>


Copper Bull Case: Electrification and constrained supply support a bullish $10k/t copper outlook, positioning Japan Inc. as a strategic beneficiary of the energy transition.
Japan Inc. Exposure: ~0.95 Mt attributable output (~63–66% demand) drives ~$6bn EBITDA; SMM and JX Advanced Metals are most leveraged, trading houses offer diversified exposure.
Growth Optionality: Nittetsu’s Chile projects add near-term growth (2026–28), while Quechua provides long-dated optionality into the 2030s, enhancing Japan’s copper security.


Japan Inc. And the Copper Supercycle: Who Benefits Most?

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

Rikki Malik

<ul>
<li>The current macro environment has elements of both the 1970's and mid-2000s commodity bull market</li>
<li>Investor interest and allocation to this asset class is still minimal</li>
<li>A rising cost of capital globally favours a move out of long duration into real assets</li>
</ul>


The current macro environment has elements of both the 1970's and mid-2000s commodity bull market
Investor interest and allocation to this asset class is still minimal
A rising cost of capital globally favours a move out of long duration into real assets


2026 High Conviction Idea: Our Basket of Commodity Equities Will Outperform Broad Equity Indices

United States

Copper is a chemical element with symbol Cu (from Latin: cuprum) and atomic number 29. It is a soft, malleable and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a reddish-orange color. It is used as a conductor of heat and electricity, as a building material and as a constituent of various metal alloys, such as Sterling silver used in jewelry, cupronickel used to make marine hardware and coins and constantan used in strain gauges and thermocouples for temperature measurement.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Copper (COPPER COMDTY)

Copper’s Perfect Storm: Supply Strains Meet Fed Tailwinds

Copper markets face tightening supply, bullish technicals, and shifting investor positioning, setting the stage for potential price surges.

Mint Finance

Major Merger in the Copper Industry

During the week, Anglo American bought the Canadian copper miner Teck Resources - creating a $50 billion copper giant. The company will be...

The Commodity Report

DXY Cracks 97: Commodity Stocks in Focus as Dollar Slide Deepens

The U.S. Dollar Index has dropped to a 1-year low due to Fed rate cut expectations, central bank uncertainty, and changing global risk appetite,...

Rahul Jain

Japan Inc. And the Copper Supercycle: Who Benefits Most?

Japan Inc. poised to benefit from bullish copper outlook due to electrification and constrained supply, with key players like SMM and JX Advanced...

Rahul Jain

2026 High Conviction Idea: Our Basket of Commodity Equities Will Outperform Broad Equity Indices

Why a basket of commodity producers provide a good risk reward for any portfolio looking to get a real return. Underowned and unloved!

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Copper’s Perfect Storm: Supply Strains Meet Fed Tailwinds

Copper markets face tightening supply, bullish technicals, and shifting investor positioning, setting the stage for potential price surges.

Mint Finance

Major Merger in the Copper Industry

During the week, Anglo American bought the Canadian copper miner Teck Resources - creating a $50 billion copper giant. The company will be...

The Commodity Report

DXY Cracks 97: Commodity Stocks in Focus as Dollar Slide Deepens

​The U.S. Dollar Index has dropped to a 1-year low due to Fed rate cut expectations, central bank uncertainty, and changing global risk appetite,...

Rahul Jain

Japan Inc. And the Copper Supercycle: Who Benefits Most?

​Japan Inc. poised to benefit from bullish copper outlook due to electrification and constrained supply, with key players like SMM and JX Advanced...

Rahul Jain

2026 High Conviction Idea: Our Basket of Commodity Equities Will Outperform Broad Equity Indices

Why a basket of commodity producers provide a good risk reward for any portfolio looking to get a real return. Underowned and unloved!

Rikki Malik

The U.S. Dollar Index has dropped to a 1-year low due to Fed rate cut expectations, central bank uncertainty, and changing global risk appetite,...

Japan Inc. poised to benefit from bullish copper outlook due to electrification and constrained supply, with key players like SMM and JX Advanced...