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本轮的铜景气周期将延续。通过假设几种不同的铜价来推断各种相应的结论,本文认为从铜资源的估值角度而言FreeportMcMoRan公司和PhelpsDodge公司的股票仍将为投资者提供最好的风险/回报率(尽管这两个公司2005年的股票走势已经很强劲)。由于近期的数据显示了一个更长的铜景气周期(这些数据显示铜业公司将在盈利和潜在的多级扩张方面有积极变化),我们认为铜价高位带来的风险将有所降低。
The current round of copper boom cycle will continue. By hypothesizing several different copper prices to conclude the corresponding conclusions, this article argues that FreeportMcMoRan and PhelpsDodge’s shares will still provide investors with the best risk / return on copper valuations (though both The stock movements of the companies in 2005 have been very strong). We believe the risk from higher copper prices will decline due to recent data showing a longer copper boom cycle, which shows that copper companies will make positive changes in profitability and potential multistage expansion.