MARUF - Marubeni: Offsetting Commodity Effects And Secular Support Means Discounts Unwarranted
2025-02-18 10:59:10 ET
Summary
- Copper increases continue to support Marubeni. Weakness in China means a poor outlook for coking coal, but also further beneficial run-cuts at Chinese copper smelters.
- A colder winter could be good for Marubeni's power business.
- With other Japanese trading houses also sporting commodity-based businesses, many less secularly supported than Marubeni's, Marubeni's discount seems unwarranted.
...
Marubeni: Offsetting Commodity Effects And Secular Support Means Discounts Unwarranted