0621 GMT - The continuing selloff in mining stocks suggests investors expect more falls in commodity prices ahead, according to Citi analyst Paul McTaggart. He says nearly two-thirds of the Australian mining stocks Citi covers are trading below discounted cash flow under both base-case commodity price forecasts and holding spot commodity prices for five years. "Value is now apparent," says McTaggart. "That said, if we are heading into a global metals recession, then commodity prices will fall further." Citi views steel and iron ore as relatively defensive, given that Chinese stimulus could provide some demand support. In Sydney, BHP is down 3.5% and Rio Tinto is 5.0% lower. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
April 09, 2025 02:21 ET (06:21 GMT)
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