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

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>While tariff headlines may dominate, accumulate the miners on weakness</li>
<li>The positive Supply and Demand drivers for copper are  still intact</li>
<li>Latest tariffs add to the continued inflationary pulse around the world</li>
</ul>


While tariff headlines may dominate, accumulate the miners on weakness
The positive Supply and Demand drivers for copper are  still intact
Latest tariffs add to the continued inflationary pulse around the world


Copper Miners Update Post US Tariff Announcement

Data-Driven Commodity Research, The Commodity Report

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<ul><li>FAO's meat price index hit a new all-time high of 127.3 points, up 1.2% from its previous peak in June, as strong import demand from China and the United States boosted beef and sheep meat prices, the agency said.</li><li>U.S. beef imports have climbed after drought led to a decline in the domestic cattle herd.</li><li>Looking at the latest futures prices, live cattle, feeder cattle and even lean hogs remain in a strong uptrend with a significant backwardation remaining within the forward curve.</li></ul>

FAO's meat price index hit a new all-time high of 127.3 points, up 1.2% from its previous peak in June, as strong import demand from China and the United States boosted beef and sheep meat prices, the agency said.U.S. beef imports have climbed after drought led to a decline in the domestic cattle herd.Looking at the latest futures prices, live cattle, feeder cattle and even lean hogs remain in a strong uptrend with a significant backwardation remaining within the forward curve.

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.

Cross Asset Strategy

<ul>
<li>The immediate post-Civil War period exemplifies a crucial pivot in U.S. trade policy. Trade policy that began as wartime fiscal expedients became permanent structural features. The Morrill tariff, enacted in 1861 primarily to finance the Union’s war effort, had notably raised average duties on dutiable imports to about 47 percent.</li>
<li>By 1865, this elevated tariff regime was entrenched, sustained by several intertwined forces. First, the federal government emerged from the war burdened with a staggering debt of approximately $2.7 billion, some 30 percent of GDP at the time.</li>
<li>This fiscal strain made cutting tariffs risky, as customs duties were vital for government revenue. Bondholders thus benefited from a generation of fiscal conservatism, while equity investors in protected domestic industries enjoyed durable shelter from foreign competition.</li>
</ul>


The immediate post-Civil War period exemplifies a crucial pivot in U.S. trade policy. Trade policy that began as wartime fiscal expedients became permanent structural features. The Morrill tariff, enacted in 1861 primarily to finance the Union’s war effort, had notably raised average duties on dutiable imports to about 47 percent.
By 1865, this elevated tariff regime was entrenched, sustained by several intertwined forces. First, the federal government emerged from the war burdened with a staggering debt of approximately $2.7 billion, some 30 percent of GDP at the time.
This fiscal strain made cutting tariffs risky, as customs duties were vital for government revenue. Bondholders thus benefited from a generation of fiscal conservatism, while equity investors in protected domestic industries enjoyed durable shelter from foreign competition.


Real Asset Chartbook Week #16: A Great Historian on the US and Trade Policy Following the Civil War

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Tariff chatter is a sideshow; the real focus should be  on the US Administration’s Fed plans</li>
<li>Non-Chinese miners of rare earths and other strategic minerals will command a steep premium.</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Tariff chatter is a sideshow; the real focus should be  on the US Administration’s Fed plans
Non-Chinese miners of rare earths and other strategic minerals will command a steep premium.


Overview #30 – the Summer Doldrums-Not! Stage setting for the next phase of the bull market.

<ul><li>While it may seem as a logical step to compare the current cash price with the forward futures contract, that’s unfortunately way too easy to justify such a statement.</li><li>In fact, it is even miss-information.</li><li>What makes more sense is to look at the input cost factors and the forecasts for these components that the USDA is providing. </li></ul>

While it may seem as a logical step to compare the current cash price with the forward futures contract, that’s unfortunately way too easy to justify such a statement.In fact, it is even miss-information.What makes more sense is to look at the input cost factors and the forecasts for these components that the USDA is providing. 

Don’t Get Fooled by Commodity Social Media Craziness

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)

Copper Miners Update Post US Tariff Announcement

Both Jiangxi Copper (358.HK) and MMG (1208.HK) continue to perform very well. A big laggard here is Sumitomo Metal Mining (5713.JP). Name ...

Rikki Malik

Meat Prices Rise and Rise and Rise

Looking at the latest futures prices, live cattle, feeder cattle and even lean hogs remain in a strong uptrend with a significant backwardation...

The Commodity Report

Real Asset Chartbook Week #16: A Great Historian on the US and Trade Policy Following the Civil War

This was a short week for Massif Capital due to familial responsibilities, as such we are forgoing our usual introductory market commentary so we...

Massif Capital Research

Overview #30 – the Summer Doldrums-Not! Stage setting for the next phase of the bull market.

A review of recent events/data impacting our investment themes and outlook. We look at the Fed and the implications of DoD's stake in a rare earth...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Copper Miners Update Post US Tariff Announcement

Both Jiangxi Copper (358.HK) and MMG (1208.HK) continue to perform very well. A big laggard here is Sumitomo Metal Mining (5713.JP). Name ...

Rikki Malik

Meat Prices Rise and Rise and Rise

Looking at the latest futures prices, live cattle, feeder cattle and even lean hogs remain in a strong uptrend with a significant backwardation...

The Commodity Report

Real Asset Chartbook Week #16: A Great Historian on the US and Trade Policy Following the Civil War

This was a short week for Massif Capital due to familial responsibilities, as such we are forgoing our usual introductory market commentary so we...

Massif Capital Research

Overview #30 – the Summer Doldrums-Not! Stage setting for the next phase of the bull market.

A review of recent events/data impacting our investment themes and outlook. We look at the Fed and the implications of DoD's stake in a rare earth...

Rikki Malik

Don’t Get Fooled by Commodity Social Media Craziness

While it may seem as a logical step to compare the current cash price with the forward futures contract, that’s unfortunately way too easy to...

The Commodity Report