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雷达卡
【出版时间及名称】：2009年11月英国金属与矿产行业研究报告
【作者】：德意志银行
【文件格式】：PDF
【页数】：62
【目录或简介】：
Table of Contents
The snapshot...................................................................................... 3
The copper currency.......................................................................... 6
Three strikes….but not out. ......................................................................................................6
Copper – long-term scarcity?............................................................ 9
Copper - the risk – grade trade-off ............................................................................................9
Comparing the copper plays .......................................................... 16
Margins, returns and strategy.................................................................................................16
A word on strategies...............................................................................................................20
Investment thesis ............................................................................ 31
Anglo American.......................................................................................................................31
Antofagasta............................................................................................................................31
BHP Billiton .............................................................................................................................32
Boliden...................................................................................................................................32
ENRC .....................................................................................................................................33
Kazakhmys ..............................................................................................................................33
Rio Tinto.................................................................................................................................33
Vedanta ..................................................................................................................................34
Xstrata....................................................................................................................................35
Copper: Red Storm.......................................................................... 36
Summary overview .................................................................................................................36
Decelerating growth a concern...............................................................................................38
China trade: 2010 looks more challenging ..............................................................................39
Chinese buying to decelerate..................................................................................................41
Supply: Q4 2009 as bad as it gets?.........................................................................................44
Financial factors: A key support for 2010................................................................................46
Implications for 2010 ..............................................................................................................49
Meaningful Scarcity ................................................................................................................51
Where is future supply coming from?.....................................................................................53
Supply economics...................................................................................................................54
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