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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Lundin Mining Corporation    LUN   CA5503721063

LUNDIN MINING CORPORATION

(LUN)
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Copper dips as virus cases, U.S. stimulus uncertainty weigh

10/20/2020 | 12:23am EST

Oct 20 (Reuters) - London copper prices fell on Tuesday as a spike in coronavirus infections in Europe and uncertainty about a U.S. stimulus deal raised worries about the prospect of a sustained global economic recovery.

Three-month copper on the London Metal Exchange declined 0.1% to $6,776 a tonne by 0707 GMT, while the most-traded November copper contract on the Shanghai Futures Exchange closed up 0.2% at 51,380 yuan ($7,685.86) a tonne.

Surging coronavirus infections in Europe ignited concerns about more severe lockdowns, while parts of Britain were put into lockdown and France imposed curfews.

U.S. House Speaker Nancy Pelosi said that she believed stimulus legislation could be pushed through before Election Day, while acknowledging an agreement would have to come by Tuesday for that to happen.

"It's Pelosi's deadline today, so no (trading) position is the best position. I doubt there'll be deal and the market will correct lower. There's still a risk of U.S. and European (virus) cases spreading," said a Singapore-based metals trader.

"Copper can still hold somewhat, with fundamental support from the Candelaria ...and Codelco issues," the trader added, referring to labour strikes in Chile, the world's biggest copper producer.

FUNDAMENTALS

* Workers at Chile's state-run Codelco, the world's largest copper producer, took to the streets on Monday to reject layoffs announced by the company during the pandemic.

* Chile's Candelaria copper mine, owned by Canada's Lundin Mining, said it planned to suspend operations beginning Tuesday after two of its unions called on their workers to begin strikes.

* The discount of LME cash copper over the three-month contract <CMCU0-3> expanded to its biggest since June 18 at $20.75 a tonne, swinging from a premium of as much as $40.25 a tonne in September and signalling more nearby supplies.

* ShFE lead fell as much as 1.4% to 14,180 yuan a tonne, its lowest since June 24, while LME lead slipped 0.3% to $1,754 a tonne.

* For the top stories in metals and other news, click or

($1 = 6.6850 yuan) (Reporting by Mai Nguyen; Editing by Subhranshu Sahu and Amy Caren Daniel)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LUNDIN MINING CORPORATION 0.58% 10.38 Delayed Quote.33.76%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.28% 6.56223 Delayed Quote.-5.62%
All news about LUNDIN MINING CORPORATION
11/30Lundin Mining forecasts 2021 copper production to jump 25%
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11/30LUNDIN MINING : Provides Operational Outlook & Shareholder Returns Update
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11/30LUNDIN MINING : Announces New Collective Agreement with Candelaria Mine Workers ..
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11/30Copper sweeps to highest since March 2013, investors eye pause
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11/30Shanghai copper hits eight-year high on China data
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11/29Copper set for best month in 4 years on robust China manufacturing data
RE
11/27LUNDIN MINING : Announces New Collective Agreement with Candelaria Mine Workers ..
AQ
11/27LUNDIN MINING : Announces New Agreements with Candelaria Supervisors Unions
AQ
11/26LUNDIN MINING : Announces New Agreements with Candelaria Supervisors Unions
AQ
11/26LUNDIN MINING : Announces New Agreements with Candelaria Supervisors Unions
AQ
More news
Financials (USD)
Sales 2020 1 956 M - -
Net income 2020 92,1 M - -
Net Debt 2020 63,3 M - -
P/E ratio 2020 74,2x
Yield 2020 1,45%
Capitalization 5 824 M 5 828 M -
EV / Sales 2020 3,01x
EV / Sales 2021 2,11x
Nbr of Employees 4 170
Free-Float 86,8%
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Technical analysis trends LUNDIN MINING CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 7,84 $
Last Close Price 7,98 $
Spread / Highest target 25,5%
Spread / Average Target -1,76%
Spread / Lowest Target -27,9%
EPS Revisions
Managers
NameTitle
Marie Inkster President, Chief Executive Officer & Director
Lukas Henrik Lundin Chairman
Peter Richardson Chief Operating Officer & Vice President
Jinhee Magie Chief Financial Officer & Senior Vice President
Stephen T. Gatley Vice President-Technical Services
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