Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
RBC Capital Markets analyst Sam Crittenden detailed strength in the copper mining sector,
“Copper equities gained 8.2 per cent last week, outpacing the 1.0-per-cent rise in copper prices to $4.37, supported by a confluence of bullish factors. A weakening U.S. dollar (down 0.5 per cent week-over-week, down 7.5 per cent year-to-date), the worst-performing YTD asset class we track, made copper more affordable in global markets. Supply disruptions at Codelco’s El Teniente mine (400ktpa; 1.5-per-cent global supply), which partially resumed operations following a fatal collapse, provided incremental price support. At the same time, Chinese data surprised to the upside, with July copper imports up 3.4 per cent and concentrate imports jumping 9 per cent amid record smelting activity. Further optimism stemmed from easing U.S.-China trade…
