【出版时间及名称】:2010年欧洲金属与矿产行业前景展望
【作者】:德意志银行
【文件格式】:pdf
【页数】:104
【目录或简介】:
Table of Contents
Picking Targets .................................................................................. 5
Something for everyone............................................................................................................5
Upgrading earnings...................................................................................................................5
Commodity review............................................................................ 8
Earning momentum gives way to improving cashflows.............. 12
Changing dynamics post a bumper year.................................................................................12
Changing drivers. ....................................................................................................................12
Selective investing…..an investment for all appetites.............................................................18
Industrial Metals – consolidating at high levels ........................... 20
Copper ...................................................................................................................................22
Aluminium..............................................................................................................................25
Nickel .....................................................................................................................................28
Zinc ........................................................................................................................................31
PGM’s - The best of both worlds ................................................... 34
Strong support from the “precious” attribute, with strong leverage to the global recovery. .34
PGM price forecasts ...............................................................................................................36
Platinum: A deficit market for the next two years...................................................................37
Palladium: A balanced market near-term, turning into deficits by 2014F ................................44
Rhodium: Recovering auto production is supportive, but the market remains in surplus.......49
Upgrade to our long-term PGM price outlook.........................................................................51
Give and take in iron ore................................................................. 53
Turning up the heat on the iron ore price negotiations. ..........................................................53
Negotiation Dynamics.............................................................................................................54
Coking Coal............................................................................................................................60
Thermal Coal ...........................................................................................................................63
Economic watch .............................................................................. 66
Improving Financial Conditions Bode Well for Growth ...........................................................66
Equities summary............................................................................ 67
The performance score board to date – looking in the rear-view mirror .................................70
Table of Contents (Cont'd)
Anglo American ............................................................................... 74
Antofagasta...................................................................................... 76
Aquarius Platinum........................................................................... 78
BHP Billiton ...................................................................................... 80
Boliden.............................................................................................. 82
ENRC................................................................................................. 84
Ferrexpo Plc ..................................................................................... 86
Kazakhmys ....................................................................................... 88
Lonmin.............................................................................................. 90
Norsk Hydro ..................................................................................... 92
Nyrstar.............................................................................................. 94
Rio Tinto ........................................................................................... 96
Vedanta Resources.......................................................................... 98
Xstrata ............................................................................................ 100