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11.10.26 - 00:15
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UBS Sees Copper As "Highest-Conviction" Theme, Names Four Miners To Ride Supply Squeeze (ZeroHedge)
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UBS Sees Copper As "Highest-Conviction" Theme, Names Four Miners To Ride Supply Squeeze
Copper futures in London closed near record highs to end the week, as desks at JPMorgan and Deutsche Bank have recently warned that dwindling global supplies of the industrial metal could produce another leg higher.
Théa Ziegler, a member of UBS' US equity advisory sales team, wrote in a note on Friday afternoon that "copper remains one of the highest-conviction commodity themes."
Ziegler said demand from electrification and data-center construction is expected to outpace supply growth and support high prices, as hopes for lower prices fade in a theme best described as scarcity.
"Copper remains one of the highest-conviction commodity themes, with electrification, data-center buildouts and persistent supply constraints continuing to support a constructive long-term outlook. The key takeaway for investors is that supply growth is expected to lag demand growth for several years, und...
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09.10.26 - 14:12
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JPM Warns Strike At Major Chilean Copper Mine Could Deliver "Significant" Production Hit (ZeroHedge)
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JPM Warns Strike At Major Chilean Copper Mine Could Deliver "Significant" Production Hit
A new potential bottleneck has emerged in the global copper market as London futures hover just shy of record highs amid persistent scarcity concerns.
Natalia Corfield, JPMorgan's head of Latin America corporate credit research, wrote in a note earlier today that a strike at Centinela, a major source of Antofagasta's copper production in Chile, has begun and could soon impact production.
"Antofagasta is facing its first-ever strike at the Centinela copper mine in Chile, set to begin this morning after mandatory mediation between the company and the Minera Esperanza and Distrito Centinela unions failed to produce an agreement," Corfield wrote in the note.
She continued:
The unions, representing more than 700 workers, say the dispute centers on pay and benefit disparities between employees doing identical jobs but belonging to different unions, and they accuse Antofagasta of rej...
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