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

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

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

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

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

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<li>
<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> reported stellar earnings and execution in Q3 2025, with revenues/operating income up 15% and 21% YoY, respectively, beating street estimates by ~4-5%.</li>
<li>The company included slides in its presentation deck highlighting that the copper deficit could rise to 3 million tons by 2030e and 12.1 million tons by 2040e. </li>
<li>This would be led by a transition to EVs (electric vehicles), greater use of renewable energy with higher capex intensity, and other nascent areas of demand, such as AI infrastructure.</li>
</ul>



Southern Copper (SCCO US) reported stellar earnings and execution in Q3 2025, with revenues/operating income up 15% and 21% YoY, respectively, beating street estimates by ~4-5%.
The company included slides in its presentation deck highlighting that the copper deficit could rise to 3 million tons by 2030e and 12.1 million tons by 2040e. 
This would be led by a transition to EVs (electric vehicles), greater use of renewable energy with higher capex intensity, and other nascent areas of demand, such as AI infrastructure.


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