JPMorgan North America: Metals & Mining — Sunday Morning Metals: Steel and Base Metals Earnings Preview; Q3 Earnings-Preview Call October 13
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Key Views
- Steel: seasonal outages and low inventories support prices; Nucor (NUE) and Commercial Metals (CMC) are preferred, both Overweight.
- Base metals: Freeport-McMoRan (FCX), Overweight, is the top pick; Reliance (RS) and Alcoa (AA) are rated Neutral.
Key exhibits
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Exhibit 5
Exhibit 6
Exhibit 7
Exhibit 8
Exhibit 9
