Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Global Commodities Outlook for Frankfurt Global Strategy Conference Ride the Power Race and Supply Waves January 2026 Daan Struyven Managing Director Co-Head of Global Commodities Research Goldman Sachs & Co. LLC +1 212-357-4172 Daan.Struyven@gs.com 0:53:95 172:212:241 165:165:165 115 ...

A significant chunk of Chinese copper demand has all but evaporated after the metal’s stunning surge to record levels. Copper on the London Metal Exchange burst through $13,000 a ton for the first time this week, extending its rally to nearly 50% over the past year. A cocktail of bullish factors could drive prices even higher over the short term. While real-world buyers typically take time to adjust to such sharp increases, what’s notable in this case is the extent to which industrial users in the biggest ...

Flash | Jiangxi Copper (0358.HK) Takeaways from 2026 Business Outlook Call CITI'S TAKE We hosted a 2026 Business Outlook Call with Jiangxi Copper on Jan 6. Mr. Gong Kun, IR Manager, attended the call. Jiangxi Copper signed agreement with Antofagasta in Dec 2025. The long-term TC/RC is 0 for 2026E and the recovery rate has also been slightly lifted in the contract. Jiangxi Copper is negotiating with other copper concentrate producers and expects they will also follow the 0 long-term TC/RC for 2026E. Maintain ...

Core Viewpoint - Southern Copper Corporation (SCCO) is establishing a multi-year growth trajectory in copper production, despite a slight decrease in near-term output. The company anticipates copper production to reach 958,800 tons in 2025, a 2% decline from 2024, with expectations to rise to 1,084,000 tons by the end of the decade [1][10]. Production Outlook - From 2031 onwards, copper output is projected to accelerate significantly, reaching approximately 1,536,000 tons by 2034, reflecting a 5% compound annual growth rate (CAGR) from 2024. This growth is supported by a robust project pipeline in Peru and Mexico [2][5]. - The Tia Maria project in Peru, with an annual capacity of 120,000 tons, is expected to commence in 2027, utilizing advanced SX-EW technology [3]. - El Pilar in Mexico is set to start in 2028, contributing around 36,000 tons of copper cathodes annually, also employing cost-efficient SX-EW technology [3]. - By 2030, the El Arco project in Mexico is anticipated to be operational, featuring significant ore reserves and a combined concentrator and SX-EW operation [4]. Project Pipeline - The Los Chancas project in Peru is expected to add 130,000 tons of copper starting in 2031, followed by Michiquillay in 2032, which is projected to produce 225,000 tons and become one of Peru's largest copper mines with a mine life exceeding 25 years [5]. Industry Comparison - Peer BHP Group reported record copper output of 2,017,000 tons for fiscal 2025, an 8% year-over-year increase, and expects production between 1,800,000 and 2,000,000 tons in fiscal 2026 [6][7]. - Teck Resources has entered a merger agreement with Anglo American plc to form Anglo Teck, which will have over 70% exposure to copper and is projected to increase combined annual copper production from 1.2 million tons to 1.35 million tons by 2027 [8]. Financial Performance - Southern Copper shares have increased by 55.9% over the past year, outperforming the industry growth of 42.4% [9]. - The company is trading at a forward 12-month price/sales multiple of 8.84X, significantly higher than the industry average of 3.93X [11]. - The Zacks Consensus Estimate for Southern Copper's 2025 earnings is $5.27 per share, indicating a year-over-year growth of 21.7%, with a projected growth of 17.3% for 2026 [12].

Company News - UniFirst Corp (NYSE:UNF) received an acquisition proposal from Cintas Corporation (NASDAQ:CTAS) for $275 per share in cash, valuing UniFirst at approximately $5.2 billion, representing a 64% premium to its 90-day average closing price as of December 11, 2025 [2] - Adeia Inc (NASDAQ:ADEA) shares surged 28% to $16.38 after signing a long-term media IP license agreement with Disney and raising its 2025 outlook [8] - Sidus Space, Inc. (NASDAQ:SIDU) shares increased by 88% to $2.18 after being awarded a contract under the Missile Defense Agency's SHIELD IDIQ program [8] - Blacksky Technology Inc (NYSE:BKSY) shares rose 17% to $22.55 after Jefferies initiated coverage with a Buy rating and a price target of $23 [8] - Luminar Technologies, Inc. (NASDAQ:LAZR) shares dropped 61% to $0.24 after previously jumping around 175% on Friday, following the announcement of voluntary Chapter 11 proceedings [8] - EUDA Health Holdings Limited (NASDAQ:EUDA) shares fell 45% to $1.55 after announcing a strategic technology integration for its Digital Health and Rewards Platform [8] - Anebulo Pharmaceuticals, Inc. (NASDAQ:ANEB) shares decreased by 21% to $1.72 as the company announced its intent to commence a self tender offer [8] Market Performance - U.S. stocks traded higher, with the Dow Jones index gaining more than 150 points, up 0.39% to 48,322.06, NASDAQ up 0.46% to 23,417.50, and S&P 500 rising 0.46% to 6,866.26 [1] - In commodity news, oil traded up 2.1% to $57.71, gold up 1.8% to $4,464.20, silver up 2.2% to $68.94, while copper fell 0.2% to $5.4970 [5]

U.S. stocks traded higher this morning, with the Nasdaq Composite gaining more than 100 points on Monday.Following the market opening Monday, the Dow traded up 0.18% to 48,222.17 while the NASDAQ jumped 0.56% to 23,439.24. The S&P 500 also rose, gaining, 0.45% to 6,864.96.Check This Out: GE Vernova To Rally Around 26%? Here Are 10 Top Analyst Forecasts For MondayLeading and Lagging SectorsEnergy shares rose by 1.3% on Monday.In trading on Monday, utilities stocks fell by 0.5%.Top HeadlineThe Chicago Fed Nat ...

Ac t i o n | 15 Dec 2025 12:34:02 ET │ 18 pages Jiangxi Copper (0358.HK/600362.SS) Benefits from Hiking Copper and Sulfuric Acid Price; Model Update and Maintain Buy CITI'S TAKE We update our JXC model to factor in Citi's Commodities team's latest price forecast and company guidance. Despite a YoY decrease in gross profit of copper smelting business in 2026E with potential lower long-term TC/RC, we expect the higher copper, gold, and sulfuric acid price to drive a higher total gross profit of Jiangxi Copper ...

Chileans on Sunday picked right-winger Jose Antonio Kast to head the country. Now, the mining industry is focused on who he will choose to lead state copper giant Codelco. https://t.co/WqjlwDhwik ...

Federal Reserve Actions - The Federal Reserve has cut interest rates and restarted quantitative easing, with the Atlanta Fed GDP at 3.5%, indicating good growth [2] - The fiscal deficit is projected at $1.8 trillion, approximately 6% of GDP, complicating fiscal policy decisions for the current administration [3] Investment Opportunities - There is a significant capital expenditure forecast for AI, estimated at $1.2 trillion for 2025 and 2026, which is expected to inject substantial liquidity into the economy [2] - Hard assets such as gold, silver, and commodities are anticipated to benefit from the current economic setup [4] Stock Market Dynamics - A large amount of cash, approximately $8 trillion, is currently held in money market accounts, which may shift into stocks as interest rates decline [5] - Value stocks are expected to perform well in a regime of higher rates and sticky inflation [6] Market Concentration Risks - The top two stocks in the S&P 500, Nvidia and Microsoft, now account for nearly 15% of the index, raising concerns about market concentration and fiduciary responsibilities [6][7] - Nvidia and Microsoft are trading at high valuations, with Nvidia at 23 times sales and Microsoft at close to 14 times sales, indicating potential overvaluation risks [8] Infrastructure and Energy Sector - There is a call to focus on the underlying infrastructure supporting AI, such as natural gas, copper, coal, and power grid stocks, rather than just the high-profile tech names [9] - Concerns about the aging power grid and infrastructure could lead to significant challenges for companies like Nvidia, with predictions of a potential 50% decline in its stock price due to these issues [10][11]

Core Insights - Zacks Premium provides tools for investors to enhance their stock market engagement and confidence through various resources like daily updates, research reports, and stock screens [1] Zacks Style Scores - Zacks Style Scores rate stocks based on value, growth, and momentum, serving as complementary indicators to the Zacks Rank, helping investors identify securities likely to outperform the market in the short term [2][3] Value Score - The Value Style Score identifies attractive and discounted stocks using financial ratios such as P/E, PEG, Price/Sales, and Price/Cash Flow [3] Growth Score - The Growth Style Score focuses on a company's financial health and future outlook, analyzing projected and historical earnings, sales, and cash flow to find stocks with sustainable growth potential [4] Momentum Score - The Momentum Style Score helps investors capitalize on price trends by evaluating factors like one-week price changes and monthly earnings estimate changes [5] VGM Score - The VGM Score combines the three Style Scores, providing a comprehensive rating that highlights stocks with strong value, growth forecasts, and momentum, making it a valuable tool alongside the Zacks Rank [6] Zacks Rank - The Zacks Rank is a proprietary model that uses earnings estimate revisions to simplify portfolio building, with 1 (Strong Buy) stocks achieving an average annual return of +23.81% since 1988, significantly outperforming the S&P 500 [7][8] - Investors are encouraged to select stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B to maximize potential success [9] Company Spotlight: Southern Copper Corporation (SCCO) - Southern Copper Corporation, based in Phoenix, AZ, is involved in mining, exploring, smelting, and refining copper and other minerals across several countries including Argentina, Chile, Ecuador, Mexico, and Peru [11] - SCCO holds a Zacks Rank of 3 (Hold) and has a VGM Score of B, indicating a solid position in the market [11] - The company is particularly appealing to growth investors, with a Growth Style Score of B and a projected year-over-year earnings growth of 19.9% for the current fiscal year [12] - Recent upward revisions in earnings estimates by three analysts for fiscal 2025 have increased the Zacks Consensus Estimate by $0.24 to $5.19 per share, alongside an average earnings surprise of +6.3% [12]