June 20, 2019 / 8:04 AM / 6 months ago

BUZZ-Global Copper: JP Morgan sees buying opportunities

** JP Morgan says it recommends investors take shelter in inexpensive copper miners with strong balance sheets

** Initiates Lundin Mining with an “overweight” rating and adds it to the JPM Analyst Focus List

** Cites Lundin Mining’s cheap valuation and compelling spot FCF yield inflection, adds the company is well positioned for further cash returns or opportunistic M&A

** Raises Boliden to “overweight” from “neutral”, given its recent de-rating and strong balance sheet capable of weathering lower copper/zinc prices better than peers

** JP Morgan meanwhile cuts First Quantum Minerals Ltd to “underweight” from “neutral”, given increasing risks from its two primary geographies, Zambia and Panama, and greater balance sheet pressure

** The broker says while the ongoing China-U.S. trade dispute could support copper volatility near-term, it expects the copper market to return to a surplus in 2020 after a balanced 2019

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