While copper is down 11% for the year, it soundly beats Newmont's mainstay, gold. The yellow metal is down 26% since January.
"While I do like copper at these levels, I don't think that's a reason to go long and strong in Newmont," says Jason Rotman, managing partner of Lido Isle Advisors. "There are so many ridiculously important headwinds against gold and, therefore, against Newmont right now."
One of those headwinds, according to Rotman, is the potential taper of the Federal Reserve Bank's $85 billion monthly bond-buying stimulus program known as "quantitative easing" ("QE"). Besides adding dollars into the financial system, it has also been a major factor in keeping interest rates low as higher bond prices result in lower bond yields.
"Any time you talk about gold, you have to talk about interest rates [and] you have to talk about the Fed's policies," says Rotman. "Gold is trying to price in the future of rising rates."
Rotman doesn't see a rally in either gold or Newmont due to the current interest rate environment.
CNBC contributor Andrew Busch, editor and publisher of The Busch Update, is also negative on Newmont.
"This is a stock that's been truly a dog this year," says Busch. "As the rest of the stock market's gone up, this one's gone down."
Using two different charts for Newmont – a long-term and a short-term – Busch makes his case for why he sees further downside for the stock.
To see Busch's charts and for Rotman's fundamental take on Newmont, watch the video above.
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