TD Securities expects muted rebound in economic activity for miners in H2

Sprott Physical Uranium Trust

22/07/2019 18:34

** TD Securities lowers its 2019-2023 copper price estimate
by an average of ~7%, citing weak global economic growth,
slowing demand in China
    ** Brokerage says trade policy uncertainty is likely to
remain elevated even if a deal is struck between U.S. and China
    ** Slashes 2019-2024 uranium price estimate by ~20% and
long-term price forecast to $50/lb from $55/lb on concern that
it could take longer for uranium prices to normalize from
current lows due to available inventories, "continued enrichment
underfeeding" and demand uncertainty
    ** Lowers its zinc price deck by ~8% per annum from 2019
through 2021 as brokerage anticipates growing supply surpluses
over the period
    ** Downgrades world's second-biggest exporter of
steel-making coal, Teck Resources Ltd  TECKb.TO , to "buy" from
"action list buy"; cuts PT by C$6 to C$38  urn:newsml:reuters.com:*:nL4N24N3E0
    ** Lowers Trevali Mining  TV.TO , Taseko Mines  TKO.TO  and
Uranium Participation  U.TO  rating to "hold" from "buy"   
    ** Cuts PT of TV to C$0.30 from C$0.60, TKO to C$0.85 from
C$1.30 and U to C$5 from C$6
    ** TV down 37% YTD, U down ~5%, TECKb down 1.4%, TKO down
1.5%

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2439, outside U.S. +91 80 6749 2439; Reuters Messaging:
shradha.singh@.thomsonreuters.com@reuters.net))