Freeport-McMoRan -- one of the cheapest companies in North America (Seite 96)

[Turbo23]

Antwort auf Beitrag Nr.: 36.958.429 von Videomart am 12.04.09 23:05:07

Freeport-McMoRan sales plunge 54 percent
http://www.bizjournals.com/phoenix/stories/2009/04/20/daily3…

[Videomart]

UPDATE 1-China March copper imports hit record 374,957 T
Fri Apr 10, 2009 6:31am EDT

* Imports rise on tight spot supply

* Chile, Japan, Australia, Europe supply bulk of imports

* Refined copper imports seen topping 300,000 tonnes in March

BEIJING, April 10 (Reuters) - China's imports of unwrought and semi-finished copper rose to 374,957 tonnes in March, 14 percent higher than the previous record of 329,311 tonnes set in February, China's customs office said on Friday.

"Imports rose because spot supply is tight, and imports of scrap copper were pretty low," said Lin Yuhui, an analyst at China International Futures.

Despite the global economic crisis, China has sucked in increasing volumes of refined copper in recent months, with a tight market causing spot prices CU-1-CCNMM to soar.

A shortage of copper scrap and buying by China's State Reserves Bureau have combined to drive up prices and make Chinese demand the most important factor in the world market.

Shanghai copper futures <0#SCF:> rose by their daily limit of 5 percent on Friday.

Chile, Japan, Australia and Europe have supplied the bulk of China's copper imports in recent months.

Analysts expect the total amount of refined copper imported into China to top 300,000 tonnes in March. Friday's figure included copper anode, refined copper and alloy, as well as semi-finished copper products. A detailed breakdown will be released later in the month.





The customs data also showed imports of unwrought aluminium and aluminium products more than doubled in March to 147,181 tonnes from 60,074 tonnes in February, while exports of unwrought aluminium slipped further, to 8,351 tonnes.
(Editing by Jacqueline Wong)

http://www.reuters.com/article/rbssIndustryMaterialsUtilitie…

[Videomart]

Will copper ride on China wave continue?
2009-04-11 16:30:00

BEIJING: Did you hear talks about China becoming the super power beating the US in near future? If you haven’t, then this is the time to think on those lines.

It seems China is the only economy which is making the maximum use of the recession looming over the world at present.

Even though people talk about India emerging victorious from the slump at present, China is one country with surplus cash reserves which is using the recession to boost its economy in the coming years.

If you notice China’s copper buying only, it can give you a clear picture of what is in store.

And, in the process of continuous buying China also pushed the prices of copper up.

China’s imports of unwrought and semi-finished copper rose to 374,957 tonnes in March, 14 per cent higher than the previous record of 329,311 tonnes set in February.

China’s $585-billion in stimulus spending has fuelled rebounds in steel and electricity output and restored investment to rates that preceded the financial crisis.

Despite the global economic crisis, China has sucked in increasing volumes of refined copper in recent months, with a tight market causing spot prices to soar.

A shortage of copper scrap and buying by China’s State Reserves Bureau have forced the prices to shoot up now.

Chile, Japan, Australia and Europe have supplied the bulk of China’s copper imports in recent months.

Copper jumped 20 per cent in March, the biggest monthly gain since April, 2006, on speculation that government spending plans in the US and China would help revive global economic growth and boost demand for industrial metals.

On April 3, copper hit a five-month high of $4,300 a tonne for the LME 3-month price. However, all these soaring feeling in copper market is not enough o wash away the fears among investors.

There is widespread expectation that demand would decline by anything between 5 per cent and 10 per cent during 2009.

According to Barclays Capital, Europe is seen as possibly the weakest region at present with local suppliers indicating that their order levels from construction as also wire and cables sector were running 40-60 per cent down year-on-year.

In the US and Japan demand is collapsing. While macroeconomic factors have helped the price rally, the fundamentals are less positive.

There is the possibility of pullback by as much as 20 per cent from the current levels as the rally is fundamentally unsustainable.
However, in the longer term, the expectations are optimistic.

The ongoing urbanisation in emerging markets and use of copper for more efficient electricity usage (part of push towards greener economies) will be supportive.


http://www.commodityonline.com/news/Will-copper-ride-on-Chin…

[Videomart]

Kupfer legt bestes Quartal seit 9 Jahren vor
31.03.2009 | 11:00 Uhr | Rainer Hahn (EMFIS)

RTE London - (www.rohstoffe-go.de) - Der Kupferpreis zeigt sich heute in London wieder kräftiger, trotz der schwachen Ergebnisse in Shanghai, wo der Juni-Kontrakt heute um 2,2 Prozent auf 32.750 Yuan (4.792 USD) je Tonne verlor. In London steigt Kupfer aktuell um 2,47 Prozent auf 4.016 USD/Tonne. Der Kupferpreis bewegt sich derzeit in Richtung des besten Quartals, dass der Kupferpreis seit dem Jahr 2000 verzeichnete.

Bei den anderen Industriemetall ging es für Zink um 1,05 Prozent auf 1.335 USD nach oben, Aluminium steigt um 0,8 Prozent auf 1.435 USD, Blei kann um 1,2 Prozent auf 1.263 USD zulegen und Nickel um 0,37 Prozent auf 9.610 USD.


http://www.rohstoff-welt.de/news/artikel.php?sid=12355

[Videomart]

Deutsche Bank Raises 2009 Forecasts for Copper, Lead (Update1)

By Glenys Sim

March 27 (Bloomberg) -- Deutsche Bank AG raised 2009 price targets for most base metals including copper on expectations the global economy will stabilize, while cutting calls for next year and 2011 on “a slower than previously expected recovery”.

Copper may average $3,288 a metric ton this year, 17 percent higher than an earlier forecast, the bank’s analysts led by Michael Lewis wrote today in a quarterly report. Still, the metal will average $4,189 a ton in 2010 and $5,071 in 2011, down 11 percent and 8.7 percent respectively from earlier predictions. Three-month copper has averaged $3,478 a ton this year in London.

Copper has risen about 43 percent since bottoming last December on investors’ expectations that demand may revive in the world’s biggest economies, including China. The rally has been aided by speculation China has been boosting stockpiles even as the U.S., Japan and Europe remain in recession.

Industrial-metals prices are establishing a “firmer footing,” driven by temporary factors such as Chinese strategic reserve buying and speculation demand in the Asian country is strengthening, Lewis wrote in the report.

China, the world’s biggest user of industrial metals, is showing signs of recovery, People’s Bank of China Governor Zhou Xiaochuan said yesterday. China’s internal consumption will pick up “sharply” in the second half, Fortescue Metals Group Ltd. Chief Executive Officer Andrew Forrest forecast today.

‘Supply Overhang’

Still, Deutsche Bank said it was worried the “increase in Chinese industrial activity during a year in which the country’s export destination economies are expected to report negative growth will lead to overcapacity and a supply overhang.”

Lewis and his team raised their forecast for nickel this year by 20 percent to $9,689 a ton. The forecast for next year was little changed at $9,921, and reduced 9.7 percent to $11,244 in 2010, according to the report.

The bank increased its prediction for zinc 5.3 percent to $1,155 a ton in 2009, while lowering estimates by 6.8 percent to $1,350 for 2010 and 9 percent to $1,786 for 2011. Lead may average 15 percent more than previously forecast at $1,070 a ton in 2009. The lead forecast for 2011 was unchanged at $1,168 and cut 10 percent to $1,124 for 2010.

To contact the reporter for this story: Glenys Sim in Singapore at [e-mail]

Last Updated: March 27, 2009 03:46 EDT


http://www.bloomberg.com/apps/news?pid=newsarchive&sid=anhod…

[Videomart]

Chinese buying spree sparks fears of base metal shortage in Asia

Tokyo (Platts)--27Mar2009

Robust Chinese demand could result in a supply shortage of base metals in
Asia even as the rest of the world grapples with low demand, market sources
said this week.
Japanese copper smelters producing a total 120,000 mt/month of copper
cathode have sold out of April-May shipments. Two smelters producing
20,000-40,000 mt/month each said they may be able to offer spot cargoes in
June.
A third smelter, slightly larger than these two, has chalked up an even
more impressive feat, selling out all shipments until September, various
sources said. However, a company spokesman refuted this to Platts.
A Japanese trader, who competes with the third smelter for sales in
China, said the smelter had made a late entry into the Chinese market.
It became noticeably active only in February but in the six weeks since, has
secured six months' worth of business.
"It was a latecomer, but has been able to ride the wave immediately," the
trader said.
A source at another smelter competing for Chinese business said his rival
had no choice but to push for exports to China as it had weaker ties with
Japanese cable makers and rolling mills than other smelters.
A source engaged in sales at the third smelter, who declined to be
named, said exports had surged due to strong copper cable demand for power and
communication infrastructure in China but added, "We may have pushed a little
too hard to achieve sales."
As copper supply in Japan becomes harder to secure, Japanese traders have
turned to Chilean producers, only to be told they are also sold out until
July.
"In addition, South Korean, Taiwanese and other Asian consumers are also
coming out to buy spot cargoes. They had cut back their contract purchases for
the current year and after the first quarter, now realize they cut too much,"
the third Japanese smelter source said.
Asia's copper market has tightened as a result, sources said. Premiums
for Japanese copper for prompt shipment within 60 days have risen to $150/mt
plus London Metal Exchange cash CIF Shanghai this month, from $80-100 mt/plus
LME CIF Shanghai in February.
There is no shortage yet, and no copper consumer in Asia has yet been
forced to curtail production of coils or cables due to a shortage of copper
feedstock, sources said.
But if demand in recession-hit Japan does start to pick up unexpectedly,
Asia may suffer shortages, impacting smaller consumers in particular that have
no protection from long term contracts.
Japan produced only 35,250 mt of rolled copper products in February, the
lowest monthly total since January 1975, according to Japan Copper & Brass
Association data.
Association research analyst Tetsuji Tejima said output was expected to
stay at a three decade low until at least April. Japanese smelter and trade
sources said while they were hoping for an early recovery by Japanese
industries, it would likely result in a shortage of copper.
Japanese industry sources also hoped Asian copper smelters would schedule
annual plant maintenance later in the year, and that there are no shutdowns in
the meantime due to strikes or accidents.
They are also on alert for signs the Chinese buying spree is starting to
slow as London Metal Exchange copper prices rise on the back of the Chinese
demand.


http://www.platts.com/Metals/News/7539506.xml?sub=Metals&p=M…

[Videomart]

Copper may surge on positive US data
Dilip Kumar Jha / Mumbai
March 29, 2009, 0:34 IST
http://www.business-standard.com/india/storypage.php?autono=…

[Videomart]

Copper prices to fall from current levels, rebound in 2010: GFMS

London (Platts)--5Mar2009

Copper prices are set to fall, but not collapse, from current levels this
year, and then rebound in 2010, UK-based GFMS Metals Consulting said Thursday,
forecasting an average price for 2009 of $3,000/mt.

"We expect that bottom of the market (taking into consideration the
potential for a short-lived overshoot) will be $2,600/mt," GFMS said. "Upside
moves should be capped at around $3,600-3,700/mt, i.e. close to the levels in
early March."

In 2010, although GFMS is projecting a small surplus, the company is
forecasting an increase in the average price to $3,700/mt.

"In the second half of the year, the combination of an acceleration in
demand growth and the return of some 'long side' interest from funds should
see prices exceed $4,000/mt," it added.

For 2011, the relatively tight supply position for copper (low grades,
high mine utilization rates and lack of large-scale projects) "will once again
become relevant and will limit the supply response despite strong demand,"
GFMS said, adding: "This should support a further increase in prices."

GFMS is forecasting that global copper demand will decline by 0.2% in
2009 and increase by 4.5% in 2010.

"We would view our projection of a small decline as fairly conservative
i.e. positive given the direction in which nearly all of the demand indicators
are pointing," the consultancy said. "Once again, the copper industry will be
heavily reliant on China to support demand growth, as we have demand in the
mature economies falling by 3.7% this year."

MARKET TO SEE 500,000 MT SURPLUS IN 2009

GFMS forecasts that copper consumption in China will grow by 5% in 2009,
but the company's projection of a 3.7% decline in demand in 2009 (excluding
China) will leave the market in a surplus of around 500,000 mt, it noted.

Copper demand growth has been relatively weak for some time, peaking in
Q1 2007 and running at just 0.5% in Q4 2008, the company said, adding: "The
copper bull market was essentially a supply-side story."

One positive factor on the demand side is that pipeline stocks in the
consumption/distribution chain are low.

"Therefore, if economic activity does improve, even relatively modestly,
this would trigger a restocking process that should support 4.5% growth in
demand in 2010," GFMS said. "In 2011, we expect a period of above-trend growth
of 6.3% as economic growth accelerates."

FURTHER MAJOR SUPPLY CUTS UNLIKELY

On the supply side, GFMS' analysis has taken into consideration cutbacks
that have taken place so far, the company said.

"The duration of the cuts is by no means clear. We have assumed that most
cutbacks remain in place in 2009 and are gradually phased back in during
2010," the company said, adding that it had assumed no further major cutbacks
on price grounds.

"One reason for this is that copper prices still reside in the steep tail
of the cost curve, where a decline in prices does not automatically lead to an
immediate or large cut back in output," GFMS said.

GFMS estimates the marginal cost of production (based on the ninth
decile) to be around $3,300/mt, similar to the level prevailing in early
March.

"The price of most of the other base metals currently resides in between
the fifth and the seventh decile," the company said. "If the copper market
follows the other metals down the cost curve (and we do not see any particular
reason for this not to be the case), then there is further downside potential
in the copper market."

http://www.platts.com/Metals/News/8398168.xml?src=Metalsrssh…

[Turbo23]

Antwort auf Beitrag Nr.: 36.578.091 von Turbo23 am 13.02.09 22:39:37

Freeport-McMoRan Copper & Gold "outperform," target price raised
02/25/09 - Credit Suisse
http://www.newratings.com/en/main/company_headline.m?id=1878…

Freeport-McMoRan Copper & Gold "sector perform," target price reduced
02/13/09 - RBC Capital Markets
http://www.newratings.com/en/main/company_headline.m?id=1874…

[Turbo23]

Antwort auf Beitrag Nr.: 36.524.187 von Turbo23 am 06.02.09 01:53:22

Freeport-McMoRan Copper & Gold "buy," target price raised
http://www.newratings.com/en/main/company_headline.m?id=1873…

Freeport-McMoRan "market perform"
http://www.newratings.de/du/main/company_headline.m?id=18727…

Freeport-McMoRan "buy"
http://www.newratings.de/du/main/company_headline.m?id=18739…

Freeport-McMoRan shares jump on stock sale
http://biz.yahoo.com/ap/090213/freeport_mcmoran_mover.html