Bulk commodity (coking coal, thermal coal and iron ore) and steel and copper prices have been upgraded by Macquarie Equities.
Significantly, Macquarie has lifted copper price forecast by 14% to US$1.75/pound for 2009 and 39% for 2010. Thermal coal prices up 7% to US$70/metric ton for 2010, coking coal up 27% to US$140/metric ton for 2010.
Here's to PRC not finding any other holes to look into and running into the rebounding HCC prices once production is in full swing.
PRC Price at posting:
96.2¢ Sentiment: LT Buy Disclosure: Held