Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
Citi analysts Tom Mulqueen and Maximilian J Layton lowered their price target for copper, zinc and nickel,
“We lean modestly bearish copper near term as net speculative positions imply the market is pricing a stronger global growth recovery than our economists expect. We revise our copper 0-3-month price forecast to $8,500 per ton – Last month we highlighted upside in copper from short covering. However, this failed to materialise as faltering macro-sentiment relieved pressure on shorts.
“‘Price is the best predictor of price.’ We hear this a lot, and the unwavering faith in price momentum investing is likely attributable to a liquidity-fueled decade … The average portfolio manager has seen a financial crisis during which statistically cheap stocks were traps, followed by a decade during which value factors destroyed alpha almost every year while investing based on past price return turned in hefty alpha.
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