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Metals prices may continue rally in Q2 with zinc top pick, RBC says

  • RBC Capital analysts remain bullish on non-precious metals, saying their strength could continue into Q2 "driven by improving leading economic indicators and strong seasonality."
  • RBC says zinc still has the best fundamentals and remains its top pick, and based on 2017 price forecasts its preferred commodities are zinc, coking coal, iron ore and copper; in its five-year forecast, the firm prefers nickel, uranium, copper and zinc.
  • Its 2017 metal price forecast changes vs. prior estimates include: iron ore +25% to $84.50/metric ton, alumina +16%, copper +10%, aluminum +10%, zinc +8%, spot coking coal -18%.
  • RBC's favorite stocks in the group include: Fortescue (OTCQX:FSUMF), Anglo American (OTCQX:AAUKF, OTCPK:AAUKY), Glencore (OTCPK:GLCNF, OTCPK:GLNCY), Rio Tinto (NYSE:RIO), South32 (OTCPK:SOUHY), Teck Resources (NYSE:TECK), Arizona Mining (OTCPK:WLDVF), HudBay (NYSE:HBM), Ivanhoe (OTCQX:IVPAF), Labrador Iron Ore (OTCPK:LIFZF), Lundin Mining (OTCPK:LUNMF), Nevsun (NYSEMKT:NSU), Platinum Group Metals (NYSEMKT:PLG).

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