Cibc Cuts 2018: 19 copper, zinc outlook on increased trade worries

Imperial Metals

31/08/2018 14:04

** CIBC sees near-term concerns for the mining sector;
lowers copper and zinc forecasts on slower demand due to the
trade barriers and tariffs
    ** Cuts 2018-2020 forecast for Cu and Zn; cuts PTs of miners
    ** However, CIBC raises its 2018-2020 metcoal, molybdenum
and nickel forecasts, despite similar squeeze in demand as it
sees tighter supply and rise in all-in cost of production 
    ** Raises 2018-2020 hard coking coal forecast to
$198/$160/$140/tonne, from $188/$137.50/$120, and nickel
forecasts to $6.24/$6.50/$7/lb, from $5.99/$5.75/$6/lb     
    ** Sees easing of trade barriers and global growth in 2020
    ** Benchmark copper on the London Metal Exchange  CMCU3  was
down 0.63 pct to $6,028/tonne and nickel  CMNI3  was down 1.54
pct at $13,080/tonne while zinc  CMZN3  was up 1.36 pct to
$2,501/tonne by 12:43 GMT
    ** PT changes:
 Company Name                          New PT      Old PT
 Freeport-McMoRan Inc  FCX.N           $19         $20
 Capstone Mining Corp  CS.TO           C$1.40      C$1.80
 First Quantum Minerals Ltd  FM.TO     C$18        C$20
 Hudbay Mineral Inc  HBM.TO            C$10        C$12
 Imperial Metals Corp  III.TO          C$0.60      C$0.90
 Lundin Mining Corp  LUN.TO            C$9         C$10
 Teck Resources Ltd  TECKb.TO          C$44        C$46
 Turquoise Hill Resources  TRQ.TO      C$5.10      C$5.30
 Trevali Mining Corp  TV.TO            C$1.40      C$1.90
 
 (Reporting by Shanti S Nair in Bengaluru)
 ((Reuters Messaging:
shantis.nair.thomsonreuters.com@reuters.net))