Mining: Picking Value – upgrade Anglo, downgrade Rio Tinto
In these five short videos we outline our sector view of the key commodities and the major mining companies for the next six to twelve months ahead. Whilst we are incrementally more bullish on the short term outlook, because of stronger than expected Chinese credit growth, we are still downgrading Rio Tinto to SELL, and Antofagasta, KAZ Minerals to HOLD on valuation grounds and upgrading Anglo American to a BUY. We are picking value where we believe market has overestimated price support in iron ore and underestimated it in PGMs. We are broadly neutral on copper and coal at current spot prices, but caution reading too much into the recent diamond recovery. Click below to watch the video. Click here to read the research.
This communication is for use only by a person or entity that qualifies as a "Professional Client" or "Eligible Counterparty" within the meaning of the FCA's rules. It is intended for use only by persons having professional experience in matters relating to investments. Any other person who receives this should not act on the contents. Disclaimer here