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

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

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>We start with crude oil, where positions in crude oil futures have returned to Covid-19 pandemic levels, which we believe is overly bearish.</li><li>The economy is normalizing with rising travel and growing consumer energy demand.</li><li>Despite this, the futures market’s bearish sentiment seems misaligned with these positive economic indicators.</li></ul>

We start with crude oil, where positions in crude oil futures have returned to Covid-19 pandemic levels, which we believe is overly bearish.The economy is normalizing with rising travel and growing consumer energy demand.Despite this, the futures market’s bearish sentiment seems misaligned with these positive economic indicators.

Energy Cable: Bullish Oil, Bearish Nat Gas, and Especially Metals! Here’s Why!

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>Fund managers recently reduced their broad commodity position as well as energy position, compared to last month, according to the latest BofA survey.</li><li>Compared to the long-term z-score, fund managers are now heavily under-positioned in energy but close to neutral positioned in broad commodities.</li><li>In a recent note, Goldman Sachs explained their views about commodities if inflation would re-accelerate again - or in detail beat the market estimates and lead to an inflation upside surprise.</li></ul>

Fund managers recently reduced their broad commodity position as well as energy position, compared to last month, according to the latest BofA survey.Compared to the long-term z-score, fund managers are now heavily under-positioned in energy but close to neutral positioned in broad commodities.In a recent note, Goldman Sachs explained their views about commodities if inflation would re-accelerate again - or in detail beat the market estimates and lead to an inflation upside surprise.

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

<ul><li>Welcome to our weekly EM and Metals editorial.</li><li>It’s hard not to talk about China again this week, given the importance of the metals trade for global inflation expectations.</li><li>Our live assessment of the Chinese recovery continues to paint a stalling picture in Real Estate, exemplified by the physical copper demand being on the edge of a precipice, while the pollution based metrics hint of a continued surge in industrial production into June.</li></ul>

Welcome to our weekly EM and Metals editorial.It’s hard not to talk about China again this week, given the importance of the metals trade for global inflation expectations.Our live assessment of the Chinese recovery continues to paint a stalling picture in Real Estate, exemplified by the physical copper demand being on the edge of a precipice, while the pollution based metrics hint of a continued surge in industrial production into June.

EM Watch: Is the Chinese copper demand down 40%?

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)

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

Energy Cable: Bullish Oil, Bearish Nat Gas, and Especially Metals! Here’s Why!

We start with crude oil, where positions in crude oil futures have returned to Covid-19 pandemic levels, which we believe is overly bearish. The...

Steno Research

Fund Managers Reduce Commodities Again

Fund managers recently reduced their broad commodity position as well as energy position, compared to last month, according to the latest BofA survey.

The Commodity Report

EM Watch: Is the Chinese copper demand down 40%?

Welcome to our weekly EM and Metals editorial. It’s hard not to talk about China again this week, given the importance of the metals trade for...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Energy Cable: Bullish Oil, Bearish Nat Gas, and Especially Metals! Here’s Why!

We start with crude oil, where positions in crude oil futures have returned to Covid-19 pandemic levels, which we believe is overly bearish. The...

Steno Research

Fund Managers Reduce Commodities Again

Fund managers recently reduced their broad commodity position as well as energy position, compared to last month, according to the latest BofA survey.

The Commodity Report

EM Watch: Is the Chinese copper demand down 40%?

Welcome to our weekly EM and Metals editorial. It’s hard not to talk about China again this week, given the importance of the metals trade for...

Steno Research

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