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

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

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 inventory on the COMEX surpassed 400,000 tons on Friday, marking an increase of 330% from the beginning of the year, amidst speculation of a levy of tariffs.</li>
<li>The Department of Commerce has issued a proclamation imposing a 15% tariff in 2027, with the rate increasing to 30% by 2028, implying a LME-Comex Spread of &gt;3000 USD/ton.</li>
<li>In addition to the sucking up of copper inventory into the US, we have supply shortages (see: <a href="https://www.smartkarma.com/insights/grasberg-to-weigh-on-copper-supply-in-the-medium-term-march-to-12k-usd-ton" target="_blank" data-smartkarma-citation="insights:204971" rel="noopener">Grasberg To Weigh On Copper Supply In The Medium-Term, March To 12k USD/Ton</a> )</li>
</ul>


Copper inventory on the COMEX surpassed 400,000 tons on Friday, marking an increase of 330% from the beginning of the year, amidst speculation of a levy of tariffs.
The Department of Commerce has issued a proclamation imposing a 15% tariff in 2027, with the rate increasing to 30% by 2028, implying a LME-Comex Spread of &gt;3000 USD/ton.
In addition to the sucking up of copper inventory into the US, we have supply shortages (see: Grasberg To Weigh On Copper Supply In The Medium-Term, March To 12k USD/Ton )


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