Base metals have broken out to fresh 5-year highs which dovetails with our reflation outlook and while a “rest” now feels like a strong possibility we are very cognisant that the trends bullish and surprises happen with the trend. Hence we don’t want to lose our core position long the sector but we are now considering if some stocks are poised to play performance catch up.
MM remains bullish base metals medium-term
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When we consider the respective underlying commodities the trend is similar across the board with copper and nickel leading the charge while zinc and aluminium lag albeit only slightly, we are bullish all of them with no standout after recent gains in copper especially.
MM remains bullish the base metals complex
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