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嘉能可:或售邦吉16.4%股份,市值26亿美元
He Xun Wang· 2025-08-06 12:21
本文由 AI 算法生成,仅作参考,不涉投资建议,使用风险自担 【嘉能可或出售邦吉16.4%股份】 周三,矿业及贸易公司嘉能可透露,其长期战略可能包含在未来出售 所持全球农业综合企业邦吉环球16.4%的股份。7月,邦吉完成与嘉能可支持的谷物处理商维特拉的合 并交易,规模达340亿美元。此后,嘉能可获得邦吉16.4%股份。 嘉能可相关人员在媒体电话会议上表 示,农业业务未必契合公司商业模式,长远来看,持有邦吉16.4%股份或许不适合嘉能可。不过,这并 不意味着嘉能可会急于出售,若决定出售,会与邦吉及其管理层充分合作。 分析师称,与维特拉合并 增强了邦吉在美国的谷物出口及油籽加工业务,扩大其在加拿大、澳大利亚的出口能力和实体谷物仓储 处理业务覆盖范围。嘉能可目标是实现投资价值最大化,未来若退出投资,也会明智谨慎操作以保全价 值。 7月2日,嘉能可曾表示,交易完成时,所持邦吉16.4%股份市值26亿美元,该公司将这些股份视为 过剩资本。 ...
嘉能可:上半年营收1174亿美元,调整后息税前利润54.3亿
He Xun Wang· 2025-08-06 06:49
【嘉能可上半年营收超预期,调整后息税前利润未达预期】8月6日消息,嘉能可上半年营收表现出色, 达1174.0亿美元,高于市场预期的1049.2亿美元。不过,其调整后息税前利润为54.3亿美元,未达预期 的59.4亿美元。 本文由 AI 算法生成,仅作参考,不涉投资建议,使用风险自担 快讯摘要 8月6日消息,嘉能可上半年营收1174.0亿美元超预期,调整后息税前利润54.3亿美元不及预期。 快讯正文 ...
铁矿石与煤炭_中国的反内卷政策与大宗商品-Iron Ore & Coal_ China‘s Anti-Involution policy & commodities
2025-08-05 03:19
ab 28 July 2025 Powered by YES UBS Evidence Lab Global Research Iron Ore & Coal China's Anti-Involution policy & commodities Figure 1: Weekly iron ore shipments from AU+BR+SA, Mt 780 1040 1300 1560 1820 15 20 25 30 35 07-Jan 21-Jan 04-Feb 18-Feb 04-Mar 18-Mar 01-Apr 15-Apr 29-Apr 13-May 27-May 10-Jun 24-Jun 08-Jul 22-Jul 05-Aug 19-Aug 02-Sep 16-Sep 30-Sep 14-Oct 28-Oct 11-Nov 25-Nov 09-Dec 23-Dec Mt 2023 2024 2025 2024 QTR avge annualised (RHS) Source: UBS Evidence Lab (> Access Dataset). Includes content s ...
有色金属海外季报:嘉能可2025Q2公司自有铜产量同比减少21.0%至17.6万吨,自有钴产量同比增加1.1%至9400吨
HUAXI Securities· 2025-08-02 13:35
证券研究报告|行业研究报告 [Table_Date] 2025 年 8 月 2 日 [Table_Title] 嘉能可 2025Q2 公司自有铜产量同比减少 21.0%至 17.6 万吨,自有钴产量同比增加 1.1%至 9400 吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 2025Q2 生产经营情况 2025Q2 自有铜产量 17.6 万吨,同比减少 21.0%,环比增加 4.8%。 2025Q2 自有钴产量为 9400 吨,同比增加 1.1%,环比减少 1.1%。 2025Q2 自有锌产量为 25.16 万吨,同比增加 18.9%,环比增加 17.8%。 2025Q2 自有铅产量为 4.1 万吨,同比减少 7.0%,环比减少 17.8%。 2025Q2 自有镍产量为 1.78 万吨,同比减少 12.7%,环比减少 5.3%。 2025Q2 自有金产量为 15.6 万盎司(4.85 吨),同比减少 7.1%,环比增加 7.6%。 2025Q2 自有银产量为 486.7 万盎司(151.38 吨),同比增加 5.9%,环比增加 15.1%。 2025 ...
铜8月报:232关税豁免精炼铜,铜价或震荡下行-20250731
Yin He Qi Huo· 2025-07-31 14:12
| 2025 | | --- | | 信 11 | | 71 | | 뷰 31 | | 11 11 | 铜 8 月报 2025 年 7 月 31 日 232 关税豁免精炼铜 铜价或震荡下行 第一部分 铜市场综述 7 月 30 日,特朗普宣布 8 月 1 日起对进口半成品铜等产品 征收 50%关税,但该措施不含铜矿石、阴极铜等,美铜暴跌 18%。 comex 与 lme 价差迅速收敛到 2%-3%,之前美国抢进口的铜甚 至可能会重新出口,若后期美铜重新出口,lme 累库速度或加快, 阶段性供应过剩的局面加剧,铜价面临一定的回调压力。 | | | | 232 | 关税豁免精炼铜 铜价或震荡下行 2 | | | --- | --- | --- | | 第一部分 | 铜市场综述 2 | | | 第二部分 | 基本面情况 3 | | | 一、 | 行情回顾 4 | | | 二、 | 行情展望 4 | | | 第三部分 | 铜矿扰动增加,供应紧张的情况难以缓解 | 7 | | 一、 | 铜精矿供应增速不及预期 7 | | | 二、 | 全球废铜供应错配,国内废铜供应紧张 | 9 | | 三、 | 全球精铜产量情况 10 ...
沪铜日评:国内铜冶炼厂7月检修产能或环减,国内电解铜社会库存量初现下降-20250725
Hong Yuan Qi Huo· 2025-07-25 06:59
Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The domestic copper smelter's maintenance capacity in July may decrease month - on - month, and the domestic electrolytic copper social inventory has begun to decline [1]. - The passage of the stablecoin - related bill in the US and the increased probability of the Fed's rate cut in September, along with disruptions in overseas copper mine production or transportation and a decline in domestic electrolytic copper social inventory, may lead to price adjustments in copper. It is recommended that investors wait and see, paying attention to specific support and pressure levels for different copper markets [3]. 3. Section Summaries Macro - The US House of Representatives passed a stablecoin - related bill and allowed pension funds to invest in assets such as gold and digital currencies. The import tariff pushed up commodity prices, and the US June consumer price index (CPI) annual rate increased. The initial jobless claims were 227,000, better than expected and the previous value. Due to the Trump administration's pressure on Powell for a rate cut, the probability of a Fed rate cut in September increased while that in December decreased [3]. Upstream - The Chinese copper concentrate import index rose compared to last week. The out - port (in - port, inventory) volume of copper concentrate at ports in the world (China) decreased (decreased, increased) last week. High - quality European scrap copper exports were restricted, and domestic importers could only buy copper scrap or brass. Concerns about Sino - US reciprocal tariffs led to low direct imports of US scrap copper. The price difference between domestic electrolytic copper and scrap copper reduced the economic viability of scrap copper. The opening of the copper import window and transit supplies from countries like Japan, South Korea, and Thailand may lead to a month - on - month decrease (increase) in domestic scrap copper production (import) in July, with a change in supply - demand expectations. Tight raw material supply made traders hold back goods. Some copper plants and smelters have suspended production due to supply shortages. Multiple domestic copper production projects may increase the domestic electrolytic copper production in July, while the closed import window may limit imports, leading to an increase in the bonded - area inventory, a decrease in the social inventory, and an increase in the futures exchange inventory. Some international traders are still transporting about 500 million tons of copper to US ports, increasing the COMEX copper inventory [3]. Downstream - The daily processing fee for refined copper rods for power and cable wrapping in East China increased compared to last week. New downstream orders decreased, leading to weaker demand. The capacity utilization rate of refined copper rods (recycled copper rods) increased (increased) compared to last week. The raw material (finished product) inventory of refined copper rod enterprises increased (decreased) compared to last week, while that of recycled copper rod enterprises decreased (increased). The capacity utilization rate of copper wire and cable increased, and the raw material (finished product) inventory of copper wire and cable enterprises increased (decreased). The order volume (capacity utilization rate) of copper cable wrapping decreased (decreased), and the inventory days of raw materials (finished products) for cable - wrapping enterprises decreased (decreased). The capacity utilization rate (production volume) of copper plate and strip increased (increased), and the inventory days of raw materials (finished products) for copper plate and strip enterprises decreased (decreased). The capacity utilization rate of copper pipes decreased, and the inventory days of raw materials (finished products) for copper pipe enterprises decreased. The capacity utilization rate of brass rods increased, and the inventory days of raw materials (finished products) for brass rod enterprises decreased. The easing of Sino - US reciprocal tariffs and the arrival of the traditional consumption off - season may lead to a month - on - month decline in the capacity utilization rate (production volume, import volume, export volume) of domestic steel enterprises in July. Specifically, the capacity utilization rate of some copper - related industries may decline, while that of copper foil may increase [3]. Market Data - For the Shanghai copper futures active contract on July 24, 2025: the closing price was 79,890, the trading volume was 161,652 lots, the open interest was 181,496 lots, the inventory was 16,183 tons, and the SMM 1 electrolytic copper average price was 79,795. The Shanghai copper basis or spot premium/discount and various spreads also had corresponding changes compared to previous days [2]. - For London copper on July 24, 2025: the LME3 July copper futures closing price (electronic trading) was 9,854.5, and there were changes in registration and cancellation of total warehouse - receipt inventory and contract spreads [2]. - For COMEX copper on July 24, 2025: the closing price of the active copper futures contract was 5.826, and the total inventory was 247,859 [2]. News Events - An accident occurred in the underground operation area of the Red Chris mine in Canada, leaving three workers trapped. Glencore has suspended the mine's operation. Glencore will close its Mount Isa copper mine in Queensland, Australia, next week, which was first announced in October 2023 [2].
哥伦比亚总统佩特罗:如果继续向以色列出口煤炭,愿意单方面改变嘉能可的煤炭合同。
news flash· 2025-07-23 17:59
Group 1 - Colombian President Petro expressed willingness to unilaterally change Glencore's coal contracts if coal exports to Israel continue [1] - The statement indicates a potential shift in Colombia's coal export policy, particularly concerning its relationship with Israel [1] - This move could impact Glencore's operations and financial performance in the region [1] Group 2 - The decision reflects broader geopolitical considerations and Colombia's stance on international relations [1] - The coal industry may face increased scrutiny and potential regulatory changes as a result of this announcement [1] - Investors should monitor developments in Colombia's coal export policies and their implications for market dynamics [1]
德勤因嘉能可审计工作遭英国监管机构调查
news flash· 2025-07-23 11:46
Core Viewpoint - Deloitte is under investigation by the UK's Financial Reporting Council (FRC) regarding its audit work for Glencore and its UK subsidiaries from 2013 to 2020, specifically whether it adequately considered the risks of legal and regulatory violations [1] Group 1 - The FRC announced the investigation on July 22, indicating concerns over Deloitte's auditing practices [1] - Glencore and its UK subsidiaries have been subject to investigations by UK government agencies for misconduct [1]
特朗普关税创造绝佳套利机会,四大贸易商狂捞3亿!
Jin Shi Shu Ju· 2025-07-11 13:29
Group 1 - Major commodity traders Trafigura, Mercuria, Glencore, and IXM are expected to earn over $312 million in profits due to record copper shipments to the U.S. before the implementation of tariffs [1][4] - The U.S. copper price surged by 13% following the announcement of a 50% tariff on copper by the Trump administration, creating a significant arbitrage opportunity for traders [1][4] - Since the election in November, these traders have imported approximately 600,000 tons of "surplus" copper into the U.S., exceeding normal demand [4][7] Group 2 - The average price difference between LME and Comex since February indicates a profit of about $520 per ton after accounting for costs, leading to substantial profits for the traders involved [4] - Trafigura has imported around 200,000 tons of copper, while Mercuria is expected to bring in nearly 200,000 tons by the end of the month [4] - The influx of copper into the U.S. has significantly drained supply from global markets, marking a unique period in the copper market [4][7]
全球矿业研究 | 这家巨头的铜矿将成为特朗普“美国制造”战略的代表?
彭博Bloomberg· 2025-07-10 03:44
Group 1 - The global energy market is experiencing constant turmoil due to rapid industry development, geopolitical tensions, and fluctuating supply and demand dynamics [2] - Bloomberg Intelligence provides timely industry updates and high-quality data analysis to help interpret market changes and foresee future trends [2] Group 2 - Copper production from 17 covered companies, accounting for 45% of global supply, is expected to grow at a compound annual growth rate (CAGR) of 2.9% over the next five years, reaching a significant increase of 6-6.5% by 2026 [5] - Key factors for the anticipated production increase include the restart of First Quantum's Cobre Panama mine, recovery of Ivanhoe's Kamoa-Kakula post-earthquake, and production increases from Rio Tinto's Oyu Tolgoi and Escondida mines [5] Group 3 - Historical data shows that changes in U.S. tariff policies have had minimal impact on aluminum prices in both the London Metal Exchange (LME) and Shanghai Futures Exchange (SHFE), with global supply and demand remaining the primary drivers [7] - For instance, during Trump's first term, a 10% tariff led to an 8-10% price drop, but prices rebounded shortly after [7] Group 4 - Glencore's coal division is undervalued compared to peers, with an estimated valuation of 2.4x EV/Ebitda, which is approximately 38% lower than the industry average [11] - If valued similarly to peers, Glencore's coal business could be worth 17% more than its current market value [11] Group 5 - Platinum prices are expected to continue rising due to supply disruptions similar to those seen in 2008, alongside increased demand from hybrid vehicles and jewelry [12] - The first quarter of this year has already shown favorable demand trends, supporting the price increase [12] Group 6 - The U.S. plans to raise steel import tariffs to 50% under Section 232 to further reduce imports, which currently account for 28% of apparent steel consumption [15] - The government will need to avoid granting exemptions or negotiate alternative agreements to effectively lower import levels [15] Group 7 - China has become a net exporter of alumina, with exports surging 75% in the first four months of the year, driven by rapid capacity expansion and slowing domestic demand [20] - The country’s alumina demand is expected to grow by 1.1% this year, while supply is likely to exceed consumption [20] Group 8 - Hudbay's Copper World project has seen a stock price increase of over 55% since early April, driven by strong first-quarter performance and rising metal prices [22] - The project is valued between $130 million and $140 million, with potential interest from investors in Saudi Arabia, UAE, and Japan [22]