Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity, Bottom-up Analyst

Southern Copper (SCCO US) 2Q FY26 Results/Concall Update: >13,000 USD/Ton Copper Driving Upgrades

Ero Copper Corp. (ERO US / ERO CN) Update: Q2 FY26 Results, Cash Inflection Confirmed

Antofagasta Plc (ANTO LN): : H1 FY2026 Results, Guidance Rebased On Weather, Thesis Intact

Copper: China Copper Concentrate Imports Show No Signs Of Letting Up

Lundin Mining Corp (LUN CN) Q1 FY2026: Strong, No Major Diesel/Sulfuric Acid Concerns

Grasberg Slips, Copper Rips: Sulfuric Acid Shortages and Diesel Costs Add Fuel

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>Copper prices continue to remain above 13,000 USD/ton despite a small correction. Stocks have declined much more amid market weakness, resulting in better risk-reward on copper names.</li>
<li>Stocks that stand out are <a target="_blank" rel="noopener">ERO Copper (ERO US)</a>, trading at 6.8x PE and 4.4x EV-EBITDA, and <a target="_blank" rel="noopener">Lundin Mining (LUN CN)</a>, 16.4x PE and 6.9x EV-EBITDA, for how cheap they are.</li>
<li>The bellwether copper pure plays are <a href="https://www.smartkarma.com/entities/antofagasta-plc" target="_blank" data-smartkarma-citation="entities:21814:1" rel="noopener">Antofagasta PLC (ANTO LN)</a> at 7.8x EV-EBITDA and <a href="https://www.smartkarma.com/entities/southern-copper-corp" target="_blank" data-smartkarma-citation="entities:16279:1" rel="noopener">Southern Copper (SCCO US)</a> at 13.5x EV-EBITDA. All numbers based on FY26e copper at 13,000 USD/ton.</li>
</ul>


Copper prices continue to remain above 13,000 USD/ton despite a small correction. Stocks have declined much more amid market weakness, resulting in better risk-reward on copper names.
Stocks that stand out are ERO Copper (ERO US), trading at 6.8x PE and 4.4x EV-EBITDA, and Lundin Mining (LUN CN), 16.4x PE and 6.9x EV-EBITDA, for how cheap they are.
The bellwether copper pure plays are Antofagasta PLC (ANTO LN) at 7.8x EV-EBITDA and Southern Copper (SCCO US) at 13.5x EV-EBITDA. All numbers based on FY26e copper at 13,000 USD/ton.


Copper Price Correction: Four Stocks To Look At