Add tin and the AUD to the mix and you can see why the IBG-battered Bulls, Forged and Johnny, are so envious. But don't worry, you can always join the dark side!
;-)
Oh, but Morgan Stanley is no expert?
Morgan Stanley Bets Metal Losers of 2015 Will Shine Next Year
By Bloomberg News - 16 Dec 2015, 8:29:25 AM
Nickel, copper and zinc, the three base metals that have posted the steepest declines in 2015, were chosen by Morgan Stanley as the top picks heading into next year.
“We are stubborn nickel bulls in 2016,” analysts including Tom Price and Joel Crane wrote in the bank’s quarterly metals report, received on Wednesday. Nickel was seen averaging $10,692 a metric ton next year, zinc was forecast at $1,747 a ton and copper was at $5,236 a ton, according to the Dec. 15 report.
Base metals have slumped with commodities to multi-year lows in 2015 as the slowdown in growth in China hurt demand in the world’s largest user. The rout has prompted metals producers in Asia’s top economy to plan output cuts or rein in capacity growth, while miners outside China, including Glencore Plc, have also reduced supply.
“We continue to see only a modest abatement in China-led commodity demand growth, not the capitulation that year-to-date price performances imply,” Morgan Stanley said. “The fact that economic activity everywhere remains buoyant, commodity-trade flows are intact, and that producers are rapidly rebalancing their trades in reply to shock-low prices tells us that downside price risk is limited.”
Three-month nickel on the London Metal Exchange ended at $8,550 on Tuesday after losing 44 percent in 2015. Copper was at $$4,565, down 28 percent, while zinc ended at $1,504, 31 percent lower in 2015.
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