In the meantime: Australian Resources - 2025 Outlook: Au, Cu & Al/Alumina preferred. We mark-to-market Q4-24 and update our global commodity outlook across the Australian Resources sector, resulting in a number of PT/estimate changes (see Figs 1-3). Since November the outlook for commodities has worsened on tariff risks, stronger USD and China's stimulus underwhelming. Cognisant of these risks, we remain cautious on the sector and prefer commodities underpinned by favourable supply-demand dynamics such as copper, aluminium and gold (lower real rates and geopolitical uncertainty). We continue to be less positive on commodities experiencing supply strength such as iron ore and lithium. We remain Buy rated AAI (preferred) and S32 for alumina/aluminium exposure, Neutral BHP/RIO (RIO preferred) and Buy rated broadly across the gold sector (top picks NST, PRU and GOR). Source: UBS.
S32 Price at posting:
$3.60 Sentiment: Buy Disclosure: Held
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