Nomura Securities on America Metal & Mining: Demand Side Risks for Copper Warrant Caution; Remain Neutral on FCX
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Price: $30.40 -1.71%
Rating Summary:
17 Buy, 5 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
17 Buy, 5 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
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Nomura Securities on America Metal & Mining: Demand Side Risks for Copper Warrant Caution; Remain Neutral on Freeport-McMoRan Copper & Gold (NYSE: FCX)
Analyst, Curt Woodworth, said, "China’s copper imports have increased significantly in 1H. We believe this is due to inventory build and does not reflect fundamental conditions. In this analysis, we examine performance of key sectors in our bottom-up demand model to find that demand has indeed been relatively stagnant. We believe the key downside risk relates to US dollar strength, Eurozone debt crisis, China data, and FX rates. China’s 1h-12 imports were very strong. However, without a more significant policy change or stimulus program, we would expect demand trends to remain muted in China and for imports to fall; we believe that the main pillars of Chinese demand are likely to see muted demand trends in 2H-12."
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Analyst, Curt Woodworth, said, "China’s copper imports have increased significantly in 1H. We believe this is due to inventory build and does not reflect fundamental conditions. In this analysis, we examine performance of key sectors in our bottom-up demand model to find that demand has indeed been relatively stagnant. We believe the key downside risk relates to US dollar strength, Eurozone debt crisis, China data, and FX rates. China’s 1h-12 imports were very strong. However, without a more significant policy change or stimulus program, we would expect demand trends to remain muted in China and for imports to fall; we believe that the main pillars of Chinese demand are likely to see muted demand trends in 2H-12."
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