Jefferies Touts Australian Mining, Metals Sector; Boosts Q1 Commodity Price Forecasts

MT Newswires Live04-10

Jefferies on Thursday said it was positive on Australia's metals and mining sector in the first quarter as it raised commodity price forecasts for lithium, aluminum, gold, thermal coal, and rare earths, but in an offsetting move also lifted its near-term costs outlook due to oil price headwinds.

The investment firm said it expects geopolitical tensions to ease amid negotiations between the US and Iran, which could boost global demand for most industrial commodities, giving way to a bullish medium-term backdrop for the sector.

"While risks remain, we believe it is increasingly time to buy," analysts at Jefferies commented.

Its preference among the diversified major companies is tilted towards Rio (ASX:RIO) over BHP (ASX:BHP) due to Rio's exposure to lithium and aluminum.

Jefferies also warned that diesel cost inflation remains an emerging risk, with the Middle East conflict tightening supply chains and pushing up prices.

Coal and iron ore producers are most exposed because of higher diesel intensity, while logistics pressures are also weighing on costs, leading the firm to increase operating cost assumptions across its coverage.

Jefferies reiterated a buy rating and AU$162 price target on Rio Tinto. It upgraded PLS Group (ASX:PLS) to buy from hold and lifted the price target to AU$6 from AU$4. The investment firm boosted its price target to AU$5.20 from AU$5 for South32 (ASX:S32) and to AU$1.20 from AU$1.10 for Nickel Industries (ASX:NIC) while keeping a buy rating for both companies.

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