** JP Morgan says it recommends investors take shelter in inexpensive copper miners with strong balance sheets
** Initiates Lundin Mining with an “overweight” rating and adds it to the JPM Analyst Focus List
** Cites Lundin Mining’s cheap valuation and compelling spot FCF yield inflection, adds the company is well positioned for further cash returns or opportunistic M&A
** Raises Boliden to “overweight” from “neutral”, given its recent de-rating and strong balance sheet capable of weathering lower copper/zinc prices better than peers
** JP Morgan meanwhile cuts First Quantum Minerals Ltd to “underweight” from “neutral”, given increasing risks from its two primary geographies, Zambia and Panama, and greater balance sheet pressure
** The broker says while the ongoing China-U.S. trade dispute could support copper volatility near-term, it expects the copper market to return to a surplus in 2020 after a balanced 2019
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