** Jefferies' analysts expect company-specific fundamentals and not commodity prices to affect prices of Australian miners in 2025

** Among commodities, brokerage positive on aluminium, metallurgical coal and copper

** Upgrades South32 S32.AX to "hold" from "underperform" and Boss Energy BOE.AX to "buy" from "hold"

** Says does not expect substantial acceleration in demand growth for major metals and mined commodities in 2025

** Expects thermal coal and iron ore prices to lag - even in a recovery scenario - as supply growth in these markets should be adequate to meet demand

** Of Australian commodity stocks, Jefferies' top picks are Rio Tinto RIO.AX, Northern Star Resources NST.AX, coal miner Whitehaven WHC.AX, uranium company Paladin Energy PDN.AX and others

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))