BHP has long coveted Anglo’s copper business, prime assets that are now out of reach, writes @tbiesheuvel https://t.co/UlpVJersfd ...

Core Viewpoint - UBS anticipates an increase in copper prices into the next year due to tightening supply from ongoing mine disruptions and robust long-term demand driven by electrification and clean-energy investments [1] Supply Factors - Persistent disruptions in mining operations are contributing to a tighter supply of copper [1] Demand Factors - Strong long-term demand for copper is expected, primarily fueled by investments in electrification and clean energy [1]

Core Insights - The analyst has over 10 years of experience researching more than 1000 companies across various sectors, including commodities and technology [1] - The focus has shifted from blogging to a value investing-oriented YouTube channel, emphasizing research on hundreds of companies [1] - The analyst shows a particular interest in metals and mining stocks, while also being knowledgeable in consumer discretionary, REITs, and utilities [1] Company and Industry Summary - The analyst's research covers a wide range of industries, indicating a diverse investment approach [1] - The transition to a YouTube channel suggests a growing trend in digital content consumption for investment insights [1] - The emphasis on value investing reflects a strategic approach to identifying potential investment opportunities in various sectors [1]

Core Insights - The analyst has over 10 years of experience researching more than 1000 companies across various sectors, including commodities and technology, which enhances the quality of insights provided to readers [1] Group 1: Company Research - The focus of the research includes a wide range of industries, with a particular emphasis on metals and mining stocks, as well as consumer discretionary/staples, REITs, and utilities [1] Group 2: Investment Approach - The analyst has transitioned from writing a blog to creating a value investing-focused YouTube channel, where extensive research on hundreds of companies has been conducted [1]

Core Viewpoint - The article compares two metals companies, Rio Tinto and The Metals Company, highlighting their differences in size, market cap, and investment potential, with Rio Tinto being the more favorable option for investors interested in "buying the dip" [1][2]. Company Overview - Rio Tinto is a well-established mining company founded in 1873, with a market cap of $114 billion, primarily mining commodity metals such as iron ore, aluminum, copper, and lithium [3]. - The Metals Company, a newer entity founded in 2021, focuses on polymetallic nodules found in the Pacific Ocean, with a market cap of $2.5 billion [1][4]. Stock Performance - Both companies are trading significantly below their highs, with Rio Tinto down 25% from its pandemic-era high and The Metals Company down 30% from its recent high in October 2025 [2]. - Rio Tinto's stock price surged in 2021 due to high global demand for iron ore, with spot prices rising from approximately $90/metric ton to $214/metric ton, but later declined due to reduced demand from China [5]. - The Metals Company's stock spiked recently due to anticipated benefits from China's export controls on rare-earth metals, but has since declined as optimism about a deal to maintain the rare-earth supply chain emerged [6][9]. Financial Metrics - Rio Tinto's current stock price is $70.63, with a market cap of $89 billion, a gross margin of 24.28%, and a dividend yield of 0.05% [6]. - The Metals Company's current stock price is $5.08, with a market cap of $2 billion and a gross margin of 0.00% [8]. Investment Outlook - The Metals Company has seen a significant increase of over 425% in its stock price this year, but it does not expect to begin commercial operations until Q4 2027, with full scaling not anticipated until 2043 [9]. - Rio Tinto offers a more immediate return on investment through its dividend policy, which has historically provided generous yields, even during periods of low iron ore prices [10][11]. - Given Rio Tinto's established position in the industry and its shareholder-friendly policies, it is viewed as a better investment compared to the speculative nature of The Metals Company [12].

Um, you know what. We do want to go back to DC because the White House just issuing an update on tariff rates on a slew of items. Aean Jabers with that too. Aean.>> Yeah, Melissa. This just within the past hour here from the White House. This is a 98page document.It's a list of exemptions to tariffs on a range of products. So, hundreds of products now uh being exempted from tariffs. We've been just going through it with our team over the past 45 minutes or so.Some of the items uh that are going to be exempt ...

Market Overview - U.S. stocks showed mixed performance, with the Dow Jones index falling approximately 200 points, down 0.44% to 47,249.55, while the NASDAQ rose 0.59% to 23,004.91 and the S&P 500 gained 0.27% to 6,755.73 [1] - In commodity markets, oil prices increased by 1.9% to $59.81, while gold decreased by 2.2% to $4,103.20. Silver fell 5% to $50.520 and copper dropped 1.1% to $5.0490 [5] Company Performance - Spire Inc (NYSE:SR) shares fell over 2% after reporting a quarterly loss of 47 cents per share, missing the analyst consensus estimate of a 42 cents loss. Quarterly sales were reported at $334.1 million, also below the consensus estimate of $422.094 million [2] - Cidara Therapeutics Inc (NASDAQ:CDTX) shares surged 105% to $217.18 following Merck's agreement to acquire the company for $221.50 per share in a $9.2 billion cash deal [9] - Scholar Rock Holding Corp (NASDAQ:SRRK) saw a 28% increase in shares to $38.50 after announcing a $200 million equity offering [9] - Amaze Holdings Inc (NYSE:AMZE) shares rose 61% to $0.61 after reporting third-quarter financial results [9] - TSS Inc (NASDAQ:TSSI) shares dropped 41% to $9.05 due to a year-over-year decrease in third-quarter financial results [9] - Gauzy Ltd (NASDAQ:GAUZ) shares fell 30% to $2.81 after announcing it would not release its third-quarter financial results for 2025 as previously scheduled [9] - enVVeno Medical Corp (NASDAQ:NVNO) shares decreased by 39% to $0.40 following an unfavorable FDA appeal decision regarding the VenoValve [9] International Markets - European shares declined, with the eurozone's STOXX 600 falling 1.54%, Spain's IBEX 35 Index down 1.93%, London's FTSE 100 down 1.57%, Germany's DAX 40 declining 1.34%, and France's CAC 40 dipping 1.29% [6] - Asian markets closed mostly lower, with Japan's Nikkei 225 down 1.77%, Hong Kong's Hang Seng falling 1.85%, and China's Shanghai Composite declining 0.97%. India's BSE Sensex was the only index to rise, gaining 0.10% [7]

Summary of Key Points from the Conference Call Industry Overview: Copper Market Core Insights and Arguments - **Price Projections**: Copper prices are expected to rise to $12,000 per ton by the second quarter of 2026, with a potential bull case reaching $14,000 per ton. This optimism is supported by anticipated US monetary and fiscal easing, which is expected to boost manufacturing activity and cyclical copper consumption by mid-2026 [1][8][9]. - **Current Demand Trends**: As of September 2025, implied copper consumption increased by 1% year-on-year, with consumption outside of China growing by 2% year-on-year, while China's consumption remained flat. This trend is expected to continue with subdued growth through the fourth quarter of 2025 due to weaker manufacturing activity [1][5][31]. - **Manufacturing Sentiment**: Mixed global manufacturing sentiment indicates limited upside for cyclical copper demand segments for the remainder of 2025. Recent PMI data shows contraction in both the US and China, suggesting a lack of significant recovery until 2026 [4][27][29]. Market Dynamics - **Supply Constraints**: Mine supply constraints are anticipated to lead to softer refined copper output starting early 2026, which could support higher prices if demand picks up [8][9]. - **Tariff Implications**: Potential tariff exemptions for Chilean copper could undermine support for the COMEX-LME arbitrage, although a preference for COMEX exposure may maintain a premium and drive continued US copper imports [3][9]. - **Cyclical Recovery**: A revival in cyclical consumption is not expected until 2026, with current indicators suggesting ongoing headwinds for copper demand due to weak manufacturing activity [4][27][31]. Regional Insights - **China's Consumption**: China's copper consumption tracker showed flat year-on-year growth in September, attributed to tough comparisons from the previous year, weaker renewable installations, and ongoing property sector challenges. However, electric vehicle sales in China grew by 22% year-on-year, indicating some strength in specific sectors [14][37][46]. - **Ex-China Demand**: Ex-China copper consumption grew by 2% year-on-year, driven primarily by strong automotive sector performance, particularly in electric vehicles. However, the expiration of US IRA benefits is expected to lead to muted growth in US EV sales over the next 12-24 months [46][46]. Future Outlook - **Bullish Catalysts**: Near-term bullish catalysts for copper prices could include easing US tariffs, further mine supply guidance downgrades, or perceived threats to Federal Reserve independence. The market is currently pricing in these potential catalysts while anticipating a stronger fundamental setup for 2026 [2][9]. - **Investor Sentiment**: There is a favorable sentiment towards maintaining bullish exposure to copper, as investors are likely to allocate more decisively into copper and base metals as a proxy for stronger global growth [8][9]. Additional Important Insights - **Global Inventory Trends**: Global visible copper inventory has increased by approximately 200,000 tons year-to-date, particularly within China, indicating a shift in inventory dynamics rather than a material surplus or deficit in the market [18][20]. - **Electric Vehicle Market**: The growth in electric vehicle sales, particularly in China, is a significant driver of copper demand, with BEVs gaining market share. However, the market may face challenges due to the expiration of subsidies and competition from strong Chinese exports [37][46]. This summary encapsulates the key points discussed in the conference call regarding the copper market, highlighting both current trends and future expectations.

Core Insights - RecycLiCo Battery Materials Inc. is participating in Benchmark Week 2025, a significant global conference for the battery supply chain, which will take place from November 18-20 in Los Angeles [1][2] Company Overview - RecycLiCo specializes in critical minerals refining and lithium-ion battery upcycling, utilizing advanced hydrometallurgical technologies to recover essential materials such as lithium, cobalt, nickel, and manganese from various feedstocks, including end-of-life batteries and production scrap [5] Strategic Focus - The company's participation in Benchmark Week aims to advance initiatives related to circular supply chains and responsible sourcing of critical minerals, highlighting its competitive advantage in these areas [3] - RecycLiCo's patented closed-loop refining process supports scalability across multiple market segments, enabling flexibility and diversification for commercialization and partnerships [3][7] Networking and Collaboration - Benchmark Week serves as a platform for high-value networking, strategic collaboration, and deal flow, with participation from key industry players and policymakers, including MP Materials, LG Energy Solution, and the U.S. Department of Energy [2] - The company aims to expand its network of strategic partners in the critical minerals and metals sectors, positioning its technology as a scalable solution to regional supply shortages and sustainability mandates [7]

Core Viewpoint - Global Energy Metals Corporation has terminated its non-binding letter of intent to acquire Luna Energy Ltd and has also cancelled a previously announced consolidation and financing as part of this termination [1] Group 1: Company Actions - The company will continue to explore opportunities to increase its investment exposure to the new energy economy [2] - The termination of the acquisition reflects a strategic decision to focus on other growth-oriented projects [1] Group 2: Industry Context - Global Energy Metals is focused on the critical minerals necessary for the electrification movement, including cobalt, nickel, copper, and lithium [4] - The company is adopting a 'consolidate, partner and invest' strategy to build a portfolio of significant investments in battery metal resources [4] - The company is targeting projects with low logistics and processing risks to fast-track their entry into the supply chain [5] Group 3: Market Opportunity - The company views securing exposure to critical minerals as a generational investment opportunity in the eMobility revolution [6] - The electrified economy's growth is underpinned by the availability of battery metals, which are essential for the transition to clean energy [4]