Singapore Stock Market News
Commodities Update - Bottoming sideways in 2014?
StockFanatic
Publish date: Mon, 23 Dec 2013, 09:23 AM
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While cash cost curve support can be as liquid as the exchange rates in which they are based, we believe they will provide sufficient support for hard commodity prices in 2014, particularly against a backdrop of a relatively healthy global demand outlook.
While we believe the trend in global PMIs is positive and will continue to be supportive of the bulks and base metals pricing, it is currently facing an imminent US Fed tapering headwind. Fundamentally, supply increases in much of the metals suite, coupled with an increasingly healthy demand outlook, is likely to result in a broadly balanced market. After incorporating updated commodity price/currency forecasts we upgrade FMG and MGX to Add (previously Hold and Reduce, respectively) and downgrade WHC to Hold (Add). See page 8 for our earnings forecast changes.
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