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

Comex-LME Trade Back In The Spotlight, Spread To Widen Again

Southern Copper (SCCO US): Summary of The Copper To 12,000 USD/Ton and Beyond Thesis In Two Slides

Stockpiling of Copper in the Comex: A One-Year Trade, Inventories Now at 25% of US Demand

Copper To End The Year with Seasonal Strength: Onward To 12,000 USD/Ton

Grasberg To Weigh On Copper Supply In The Medium-Term, March To 12k USD/Ton

Copper Prices to Rally To 11k USD/Ton Due To Grasberg Force Majeure

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>In our previous insight <a href="https://www.smartkarma.com/insights/copper-to-end-the-year-with-seasonal-strength-onward-to-12-000-usd-ton" target="_blank" data-smartkarma-citation="insights:206735" rel="noopener">Copper To End The Year with Seasonal Strength: Onward To 12,000 USD/Ton</a>, we elaborated on the supply issues with copper production. </li>
<li>
<a href="https://www.smartkarma.com/entities/antofagasta-plc" target="_blank" data-smartkarma-citation="entities:21814:1" rel="noopener">Antofagasta PLC (ANTO LN)</a> has now guided production down to the lower end of the 660-700k range (we assume a midpoint of 680k), or 3%.</li>
<li>FY26 guidance was also soft (-4-5% from our expectations). We are seeing a spate of guidedowns and will need to monitor them to better understand the deficit situation. </li>
</ul>


In our previous insight Copper To End The Year with Seasonal Strength: Onward To 12,000 USD/Ton, we elaborated on the supply issues with copper production. 

Antofagasta PLC (ANTO LN) has now guided production down to the lower end of the 660-700k range (we assume a midpoint of 680k), or 3%.
FY26 guidance was also soft (-4-5% from our expectations). We are seeing a spate of guidedowns and will need to monitor them to better understand the deficit situation. 


Copper Production Disappointments Mount With Antofagasta (ANTO LN) Guidedown, Bullish To 12k USD/Ton