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Friday, Aug 1611:35 AMTime to take profits on China coal names, J.P. Morgan says
Friday, Aug 1611:35 AM| Comment!
- China's coal sector has rallied since the end of July - with Yanzhou Coal (YZC) +27%, China Coal (CCOZF.PK) +24% and Shenhua (CUAEF.PK) +14% - but J.P. Morgan says it's time to take profits.
- The recent bounce in commodity and material names is mainly due to overselling and is only a technical bounce, the firm says; fundamentally, it is still bearish on thermal coals as market prices continue to fall and channel checks suggest coal traders and producers retain a negative outlook.
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