Lundin Mining logo

LUMI - Lundin Mining News Story

SEK103.9 -0.4  -0.4%

Last Trade - 07/05/21

Sector
Basic Materials
Size
Large Cap
Market Cap £6.47bn
Enterprise Value £6.85bn
Revenue £1.68bn
Position in Universe 118th / 1838

BUZZ-Freeport-McMoRan dips as UBS says copper 'super cycle' lacks China support, downgrades

Wed 21st April, 2021 3:34pm
** Freeport McMoRan  FCX.N  shares down 0.7% to $35.62 as
UBS downgrades to "neutral" from "buy"
    ** "We assess the much discussed copper super cycle does not
have as much China support, as perceived," UBS writes in
research note
    ** As economic recovery continues, China's government
tightening construction stimulus which historically has proven
net negative for materials, UBS says
    ** Adds country's government unlikely to restock state
inventories this year, which significantly lowers demand
    ** Still, UBS increases 2021 copper price estimate to
$3.83/lb from prior $3.50/lb
    ** As such, brokerage hikes FCX PT from $30 to $36 to
account for higher copper prices, says downgrade based on rally
in shares
    ** With move on Weds, FCX up ~37% YTD and has surged ~380%
over the past one year
    ** 16 of 21 analysts covering FCX rate stock "buy" or
stronger, rest are neutral; median PT is $40 (Refinitiv data)

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.