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Copper Industry April Update (Part 3 of 10) (Continued from Part 2) Chilean refined copper production
Chilean refined copper production stood at 0.45 million tons in February. This is the lowest production in Chile in almost two years. As noted in the previous part of our series, Chile (ECH) is a major copper producer and exporter. Southern Copper (SCCO) has mining operations in Chile. Indeed, SCCO has the biggest proven copper reserves.
Production down
The previous chart shows the trend in Chilean refined copper production. In the latest reading taken in February, production was down ~15% from the previous month. On a YOY (year-over-year) basis, production fell by more than 1%. Incessant rains causing flooding are behind the decline in February’s copper production.
China
February’s refined copper production in China (FXI) increased ~12% on a YOY basis. Chinese refining capacity has increased substantially over the last few years. However, copper demand has been tepid, as the Chinese economy has slowed down. China, however, still continues to add to its refining capacity. In the coming parts of our series, we’ll analyze how key Chinese economic indicators relate to the copper market.
Greater copper production in China is negative for the global copper industry. Already, the steel and aluminum industry are reeling from the impact of overproduction and higher exports from China.
Teck Resources (TCK) supplies steelmaking coal to China. Almost a quarter of TCK’s coal shipments are to China. Freeport-McMoRan (FCX) also gets a major portion of its revenues from China. These companies are directly impacted by the slowdown in the Chinese economy.
Investors in copper companies should also track the inventories at LME (London Metal Exchange) warehouses. We’ll look at this in greater detail, in our next part.
Continue to Part 4 Browse this series on Market Realist:
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Freeport McMoRan Copper and Gold Inc.
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PRODUCTEUR |
CODE : FCX |
ISIN : US35671D8570 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Freeport McMoran est une société de production minière d'or et de cuivre basée aux Etats-Unis D'Amerique. Freeport McMoran est productrice d'or, de cuivre, d'argent, de cobalt et de molybdène au Chili, au Perou, en Indonesie et en Republique Democratique Du Congo, en développement de projets de cuivre au Perou, et détient divers projets d'exploration au Chili. Ses principaux projets en production sont CANDELARIA, EL ABRA, CHINO - MILL, HENDERSON, MIAMI - ROM LEACH, MORENCI - MILL, OJOS DEL SALADO, MORENCI et MORENCI - ROM LEACH au Chili, GRASBERG, SIERRITA et BAGDAD en Indonesie, TENKE FUNGURUME et TYRONE en Republique Democratique Du Congo et CERRO VERDE au Perou, son principal projet en développement est SAFFORD au Perou et ses principaux projets en exploration sont BAGDAD - ROM LEACH et CHINO - ROM LEACH au Perou et CERRO VERDE - MILL, CERRO VERDE - CRUSHED LEACH, CERRO VERDE - ROM LEACH, EL ABRA - ROM LEACH et CLIMAX au Chili. Freeport McMoran est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 72,6 milliards US$ (68,1 milliards €). La valeur de son action a atteint son plus bas niveau récent le 06 mars 2020 à 10,00 US$, et son plus haut niveau récent le 18 avril 2024 à 50,16 US$. Freeport McMoran possède 1 448 000 000 actions en circulation. |