18.10 +0.05 (0.28%)
After hours: 7:20PM EDT
|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||17.91 - 18.29|
|52-week range||11.05 - 20.25|
|PE ratio (TTM)||14.41|
|Earnings date||23 Apr 2018 - 27 Apr 2018|
|Forward dividend & yield||N/A (N/A)|
|1y target est||20.30|
In the long term, commodities generally follow the underlying demand-supply dynamics, but according to some observers, copper prices also tend to reflect macro developments. Copper has been dubbed “doctor copper” because many observers see copper prices as a reflection of the global economy. Copper (BHP) (VALE) is also sensitive to geopolitical factors, and some traders use copper as a proxy to bet against the global economy.
President Trump has imposed a global tariff on steel and aluminum imports in a bid to support US steel and aluminum producers. While the tariffs triggered a buying spree in steel stocks (NUE), aluminum producers’ price action was mixed. Century Aluminum (CENX) rose 8.3% that day, and Alcoa (AA) closed at a marginal loss.
Since China, the world’s largest copper consumer, isn’t self-sufficient regarding copper assets, it needs to import copper. Copper mining is situated in Latin America. Chile is the largest mined copper producer.
Vale SA (VALE) has guided for an “aggressive and sustainable” dividend policy going forward. The company is planning to come up with a new dividend policy by the end of March 2018. The new dividend policy is expected to be more robust, predictable, and sustainable.
Indonesia President Joko Widodo has instructed his administration to complete negotiations over the purchase of a majority stake in Freeport-McMoRan Inc's local unit by the end of April, a cabinet minister said late on Monday. "It should be wrapped up before the end of April, valuation and all," Energy Minister Ignasius Jonan told reporters, referring to directions from President Widodo. Indonesia cannot simply wait until Freeport's current mining contract expires in 2021 and then take ownership of its Grasberg copper mine, Jonan said.
Freeport-McMoRan Inc. announced today that notices have been issued to redeem on April 4, 2018, $454 million aggregate principal amount of Freeport-McMoRan Inc. and Freeport-McMoRan Oil & Gas LLC senior notes.
Can Vale Expect Significant Upside after 4Q17 Results? Vale’s (VALE) base metal (DBB) production, including nickel and copper, was flat to lower in 2017 compared to 2016. Its nickel production fell 7.3% year-over-year (or YoY) to 288,200 tons, which was in line with Vale’s commitment of a smaller nickel footprint.
Indonesia's President Joko Widodo has instructed his administration to complete negotiations over the purchase of a majority stake in Freeport-McMoRan Inc's (FCX.N) local unit by the end of April, a cabinet minister said on Monday. "According to the president, it should be wrapped up before the end of April, valuation and all," Energy Minister Ignasius Jonan told reporters. The government, through a state-owned company, will buy the shares in PT Freeport Indonesia at "a reasonable price," including by acquiring Rio Tinto's (RIO.AX) (RIO.L) participating interest in the massive Grasberg mine and converting it into shares, he said.
Indonesia's President Joko Widodo has instructed his administration to complete negotiations over the purchase of a majority stake in Freeport-McMoRan Inc's local unit by the end of April, a cabinet minister said on Monday. The government, through a state-owned company, will buy the shares in PT Freeport Indonesia at "a reasonable price," including by acquiring Rio Tinto (Hanover: CRA1.HA - news) 's participating interest in the massive Grasberg mine and converting it into shares, he said. Freeport Indonesia and Rio Tinto were not immediately available to comment.
Glencore’s (GLEN-L) financial position has improved greatly since 2015, when concerns over near-term debt maturities—coupled with falling commodity prices—triggered a massive sell-off in the stock. Now, not only has the company restored its dividend program, but it’s also looking at inorganic growth. Along with the 2017 annual results, Glencore said the company would like to keep its net debt between $10 billion and $16 billion and would cap its net debt to EBITDA (earnings before interest, tax, depreciation, and amortization) to 2x.
In the previous part of this series, we looked at Freeport-McMoRan’s (FCX) capital allocation strategy. Southern Copper is in the middle of a multi-year growth plan, and it expects its copper production to rise to 1.5 million tons by 2025. To put that figure in perspective, consider that the company produced 877,000 metric tons of copper last year and expects its copper production to rise 6% year-over-year to 931,000 metric tons this year.
As copper market conditions have improved, companies have also taken another look at their capital allocation strategies. Only a couple of years back, debt reduction was the sole priority for miners, as commodity prices were hovering near multiyear lows.
Several parties are interested in buying Freeport-McMoRan Inc's cobalt project in the Democratic Republic of Congo but not at a price that would interest the miner and so it is not planning a sale, Freeport's chief executive officer said. As a result, Freeport is looking at other options for the asset, including possibly a joint venture to develop the large cobalt project, CEO Richard Adkerson said.
Freeport-McMoRan (FCX) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.