Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Our bet on the US consumer is off to a flying start.</li><li>We have generally assumed that we can write off much of the weakness in May data due to severe weather incidents, which reached a 13-year high in May.</li><li>The weather has been much more benign in June, and we will likely see the first signs of this next week in the non-farm payroll report.</li></ul>

Our bet on the US consumer is off to a flying start.We have generally assumed that we can write off much of the weakness in May data due to severe weather incidents, which reached a 13-year high in May.The weather has been much more benign in June, and we will likely see the first signs of this next week in the non-farm payroll report.

Portfolio Watch: Don’t underestimate the US consumer

<ul><li>Welcome to our weekly EM Watch, with a particular focus on China and metals.</li><li>Allow me to reflect on how the Chinese and Japanese investment cases look from the outside and how Western investors perceive the current rhetoric around the suffering local currencies in the region.</li><li>The CNY once again “slow burns” versus the USD this week and we are approaching the 7.30 handle, which has typically been the line in the sand for the PBoC in China.</li></ul>

Welcome to our weekly EM Watch, with a particular focus on China and metals.Allow me to reflect on how the Chinese and Japanese investment cases look from the outside and how Western investors perceive the current rhetoric around the suffering local currencies in the region.The CNY once again “slow burns” versus the USD this week and we are approaching the 7.30 handle, which has typically been the line in the sand for the PBoC in China.

EM Watch: Western investors are tired of China and Japan “crying wolf”

<ul><li>Welcome back to our weekly positioning watch, brought to you today from a sunny Copenhagen.</li><li><span style="font-weight: 400;">The standings at the Euros almost perfectly mirror the current cross-regional uncertainties in equity markets. </span></li><li><span style="font-weight: 400;">The European election has increased the option-implied volatility premium of European equities compared to US equities, while the FTSE 100 continues to stay “less volatile” in IV terms. </span></li></ul>

Welcome back to our weekly positioning watch, brought to you today from a sunny Copenhagen.The standings at the Euros almost perfectly mirror the current cross-regional uncertainties in equity markets. The European election has increased the option-implied volatility premium of European equities compared to US equities, while the FTSE 100 continues to stay “less volatile” in IV terms. 

Positioning Watch – Markets are buying into US Fixed Income, but fast money don’t agree

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Commodities

<ul><li>Investing in copper and copper miners represents a significant opportunity for investors over the next ten to fifteen years.</li><li>But the market is more complicated than most believe, and success will require not only an understanding of the entire supply chain but also a willingness to be active.</li><li>In this post, we look at the role smelters play in the copper value chain.</li></ul>

Investing in copper and copper miners represents a significant opportunity for investors over the next ten to fifteen years.But the market is more complicated than most believe, and success will require not only an understanding of the entire supply chain but also a willingness to be active.In this post, we look at the role smelters play in the copper value chain.

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.

<ul>
<li>A slowdown in China's property and manufacturing sectors along with high refining ouput has led to a significant increase in copper inventories, contributing to short-term demand concerns.</li>
<li>Major copper miners face production challenges, risking future supply deficits amid growing demand from the photovoltaic and EV industries.</li>
<li>Asset managers have reduced their long positions in copper due to near-term market conditions, reflecting a cautious outlook on immediate price movements.</li>
</ul>


A slowdown in China's property and manufacturing sectors along with high refining ouput has led to a significant increase in copper inventories, contributing to short-term demand concerns.
Major copper miners face production challenges, risking future supply deficits amid growing demand from the photovoltaic and EV industries.
Asset managers have reduced their long positions in copper due to near-term market conditions, reflecting a cautious outlook on immediate price movements.


Navigating Copper's Contradictions: Short-Term Demand Woes Versus Long-Term Supply Gaps

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.

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Copper (COPPER COMDTY)

Portfolio Watch: Don’t underestimate the US consumer

Welcome to our weekly Portfolio Watch, where we walk you through the most relevant trading topics for our portfolio and yours. Our bet on the US...

Steno Research

EM Watch: Western investors are tired of China and Japan “crying wolf”

Welcome to our weekly EM Watch, with a particular focus on China and metals. I used to travel to China and Japan a lot, but I haven’t visited the...

Steno Research

Positioning Watch – Markets are buying into US Fixed Income, but fast money don’t agree

Welcome back to our weekly positioning watch, brought to you today from a sunny Copenhagen. Denmark advanced as the second team in their Euros...

Steno Research

How To Lose Money Smelting Copper

Investing in copper and copper miners represents a significant opportunity for investors over the next ten to fifteen years.

Massif Capital Research

Navigating Copper's Contradictions: Short-Term Demand Woes Versus Long-Term Supply Gaps

China's economic slowdown and high copper inventories raise short-term demand concerns, while production challenges for major miners could lead to...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Portfolio Watch: Don’t underestimate the US consumer

Welcome to our weekly Portfolio Watch, where we walk you through the most relevant trading topics for our portfolio and yours. Our bet on the US...

Steno Research

EM Watch: Western investors are tired of China and Japan “crying wolf”

Welcome to our weekly EM Watch, with a particular focus on China and metals. I used to travel to China and Japan a lot, but I haven’t visited the...

Steno Research

Positioning Watch – Markets are buying into US Fixed Income, but fast money don’t agree

Welcome back to our weekly positioning watch, brought to you today from a sunny Copenhagen. Denmark advanced as the second team in their Euros...

Steno Research

How To Lose Money Smelting Copper

Investing in copper and copper miners represents a significant opportunity for investors over the next ten to fifteen years.

Massif Capital Research

Navigating Copper's Contradictions: Short-Term Demand Woes Versus Long-Term Supply Gaps

​China's economic slowdown and high copper inventories raise short-term demand concerns, while production challenges for major miners could lead to...

Mint Finance

China's economic slowdown and high copper inventories raise short-term demand concerns, while production challenges for major miners could lead to...