This Mining Stock’s Fallen 34% In Six Months. Is It Time To Buy In? [Forbes]
KAZ MINERALS PLC UNSP/ADR (KZMYY)
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Source: Forbes
This Mining Stock’s Fallen 34% In Six Months. Is It Time To Buy In? A collapsing copper price has made life difficult for Kaz Minerals and its investors in 2019. In the last six-and-a-half months the FTSE 250 firm has fallen 34% in price as growing signs of stress in the global economy have hammered red metal prices. Since the start of March ‘Dr Copper’ — so called because of its role as a barometer for the state of broader macroeconomic conditions — has fallen sharply and shed 11% of its value to current levels around $5,880 per tonne. Market makers are getting increasingly worried on the back of patchy data from China to Germany to the United States, not to mention a failure on the part of American and Chinese lawmakers to strike a deal on the trade front. Supply Surges, Demand Dips Particularly worrying is the steady stream of disappointing import data coming out of China, a country responsible for approximately half of worldwide copper off-take. The latest official gauge looking a
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