In today’s briefing:
- CRH (CRH US): Poised for S&P500 Inclusion Amid Positive Earnings and Omnicom–Interpublic Merger
- Copper All Set To Break 10k USD/Ton In The Short-Term
- Iron Ore At 105 USD/Ton: Sweet Spot for Fenix Resources (FEX AU)
CRH (CRH US): Poised for S&P500 Inclusion Amid Positive Earnings and Omnicom–Interpublic Merger
- The $25.6bn acquisition of Interpublic Group Of Companies (IPG US) by Omnicom Group (OMC US) may close by 11 September, with a possible extension if the merger is delayed.
- CRH plc (CRH US) is forecasted to be the primary replacement candidate of IPG in S&P500, followed by Cheniere Energy (LNG US).
- CRH plc (CRH US) regained eligibility after reporting positive quarterly earnings in August.
Copper All Set To Break 10k USD/Ton In The Short-Term
- This is a follow-up on our piece 10 days ago Rate Cut To Spur Copper Performance In The Short-Term to Over 10K USD/Ton.
- Copper, trading above USD 9,800/ton, appears poised to breach USD 10,000/ton; prospective rate cuts and supply deficits support upside, partially offset by elevated exchange inventories.
- Southern Copper (SCCO US) and Antofagasta PLC (ANTO LN) are our favorite names. The restart of the Cobre Panama mine (although low probability) could boost First Quantum Minerals (FM CN).
Iron Ore At 105 USD/Ton: Sweet Spot for Fenix Resources (FEX AU)
- We are now set for a decline in the benchmark grade from 62% to 61% effective January 2nd, 2026, for Platts, aligning the benchmark with more commonly traded fines.
- Alot of exchanges have begun to adopt this change, and we will update our FY26 numbers for it as well. Iron ore remains elevated at 105 USD/ton, climbing 2.3% WoW.
- We continue to advocate strongly for Fenix Resources (FEX AU). Read Fenix Resources (FEX AU): Exciting Value-Adding Catalyst Can Triple Production Again for a detailed outline of our thesis.
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