A wave of upgrades is about to hit the mining and energy sector, as analysts rush tosparked by the conflict in Ukraine, prompting them to increase their commodity price assumptions.
“The last couple of years, most commodity prices have proved that consensus was quite conservative in hindsight, anyway. It’s shaping up like 2022 might be the same again.”The broker upgraded its copper forecast by 9 per cent to $US4.40 a pound while its nickel price was raised 19 per cent to $US12.81 a pound and its iron ore price 9 per cent to $US155 a tonne. Its zinc price was raised 48 per cent to $US1.72 a pound.
In reality, the price of iron ore has remained well above $US100 a tonne through the first quarter of the year, trading closer to $US150 a tonne. On Wednesday, it traded at $146.45 a tonne according to S“No one had Russia in their numbers at the start of the year, but it’s had a material impact on a number of different commodities, and it’s been surprising we’re just not seeing the supply response,” said Mr Cleary.
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