China Copper pt. 2: Market Perception and the Valuation Paradox

MMG (1208 HK, MMLTF US) and CMOC (3993 HK, 603993 CH, CMCLF US)

We finish the Copper review with a look at the close at the second tier miners behind Zijin. While they lack the gold business that makes them more resilient, they are also pure plays on copper (almost) and as such represent greater torque to the copper price, which we see as structurally bullish. And the valuations are very appealing.

A quick reminder of the earlier pieces:

• On Copper

• On my #1 pick, Zijin Mining

Also more broadly, may I remind you that the Panda Portfolio is now live, for more details please read the intro here and the first (creation) post here.

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**Important Reminder: Nothing in this Substack is Investment Advice. This information is provided for informational purposes only and does not constitute financial, investment, or other advice. Any examples used are for illustrative purposes only and do not reflect actual recommendations. Please consult a licensed financial advisor or conduct your own research before making any investment decisions. The authors, publishers, and affiliates of this content do not guarantee the accuracy, completeness, or suitability of the information and are not responsible for any losses, damages, or actions taken based on this information. Past performance is not indicative of future results.**

Having Established that, let’s move on to the actual update, some general notes on the valuations in the copper space and a write up on MMG and CMOC follow.