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VIEW: UBS Positive On Coal & Metals But Not Iron Ore


UBS believes that most commodity prices remain elevated but that markets are either balanced or still tight. There are significant uncertainties around the outlook with China’s reopening supporting demand but slower growth, or even recessions, in the US and Europe weighing on demand.

  • "In our opinion, iron ore is structurally challenged while gold, lithium and high- quality coal will be higher for longer; base metals have attractive long-term fundamentals and leverage to China reopening in 2H23," UBS noted.
  • UBS revised up its long-term gold forecasts by $100 to $1600/oz.
    - The Australian

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