NONFERROUS METALS INVENTORIES FALL 3 OF 4 PAST WEEKS AND EARLY THIS WEEK, REVERSING UPTREND, AND RAISING HOPE OF SPRING RALLIES 1/9/2013
GLENCORE INTERNATIONAL PLC (GLCNF, $6.11; RATED UNDERWEIGHT; PRICE TARGET REDUCED TO USD $3.00 FROM USD $4.50) PRICE TARGET REDUCED REFLECTING LOWER COPPER PRICE ESTIMATES AND SALE OF FERTILIZER ASSETS 1/9/2013
CF INDUSTRIES (CF $210.09, rated Overweight with $360 price target) – – COVERAGE INITIATED AT OVERWEIGHT DUE TO UNIT VOLUME GROWTH AT DISCOUNTED VALUATION 1/7/2013
ANTOFAGASTA PLC (ANFGF $21.62, RATING LOWERED TO UNDERWEIGHT FROM OVERWEIGHT, Price Target Lowered to $16/share from $24/US ADS share) INVESTMENT RATING LOWERED DUE TO LOWER COPPER AND MOLY PRICE ESTIMATES, SHUTDOWN OF ANTUCOYA PROJECT AND REMOVAL OF NOKOMIS PROJECT FROM …
WORTHINGTON INDUSTRIES (WOR $27.00; rated OVERWEIGHT with $35 up from $30 target) STRONG CYLINDERS, STEEL PROCESSING, AND JOINT VENTURES OFFSET BREAKEVEN ENGINEERED CABS AND “OTHER” LOSSES 1/3/2013
CONTAINERBOARD INDUSTRY OLIGOPOLY STRENTH SEEN IN $50/TON BOARD AND BOX PRICE HIKE THIS WEEK; PRICE TARGETS RAISED TO $126 FROM $92 FOR RKT, $64 FROM $47 FOR PKG AND $61 FROM 47 FOR IP 3/1/2013
GOLD DEMAND-SUPPLY AND PRICE OUTLOOK WITH DISINVESTMENT 3/1/2013
COPPER INDUSTRY: REVIEW OF SECONDARY SCRAP AND MINE OPERATING COST POSSIBLE COST-BASED PRICE FLOORS 2/27/2013
METALS DATA UNIFORMLY POOR DUE TO EXCESS OUTPUT; WOOD PRICES RISING TOWARDS 2004 RECORDS AND CONTAINERBOARD OPERATES AT 97.1% IN JAN. AND 95.2% OPERATING RATE IN DEC. 2/26/2013
BHP BILLITON (BHP $74.80, rated Neutral, price target cut to $88 from $107) NET DEBT-EQUIV. RISES $6.8 BILLION IN DECEMBER HALF TO NET $39.6 BILLION 2/25/2013