June 28, 2018 / 2:13 PM / 5 months ago

BUZZ-Global Metals: Precious metals lose luster, commodities still in good spot - BMO

** BMO says the dramatic sell-off across metals and bulk commodity markets seen recently is not fundamentally warranted

** From a fundamental perspective, “commodities are still in a good spot,” says BMO

** BMO projects positive outlook on base metals and bulk commodities given ongoing commodity demand and supply constraints

** For base metals and bulks commodities, BMO raises EBITDA estimates for 2018 and 2019 but lowers 2018 EPS forecasts for precious metals

** Expects economic and seasonal pullback in share prices as an “excellent buying opportunity” for preferred metal stocks

** BMO’s top picks on metals and bulks commodities are Rio Tinto, Glencore, Alcoa, Steel Dynamics , Teck, First Quantum and Atalaya

** Views aluminium as the turnaround story in commodity market; expects the level of deficit in aluminium to ease in H2

** BMO’s precious metals top picks are Newmont Mining Corp , Agnico Eagle, Endeavour Mining <EDV.TO , Fortuna Silver Mines, Semafo Inc, Argonaut Gold Inc, Kirkland Lake Gold Ltd, Premier Gold Mines Ltd, Continental Gold Inc and Pretium Resources Inc (Reporting by Jasmine I S in Bengaluru)

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