JPM-JPM Mining Daily Iron ore unch., Zinc 百分之1.9...-20251008

<p style="text-indent:28px"><span style="font-size: 14px;"><span style="">Updating sensitivities (again) as gold moves within a stone</span><span style="">’</span><span style="">s throw of $4,000/oz; pre-quarterlies start and CMM tops up WA8 bid</span></span></p><p style="text-indent:28px"><span style="font-size: 14px;">Key takeaways: 1) spot gold has risen another ~$200/oz since our update last week, and while</span><span style="font-size: 14px;">&nbsp;</span><span style="font-size: 14px;">valuations remain stretched on our US$3,750/oz LT price, scenarios at/just above spot have</span><span style="font-size: 14px;">&nbsp;</span><span style="font-size: 14px;">enough value support and keep us positive on the space, 2) while a substantial premium to</span><span style="font-size: 14px;">&nbsp;</span><span style="font-size: 14px;">historical exchange ratios, CMM’s increased bid for WA8 today still appears to be about</span><span style="font-size: 14px;">&nbsp;</span><span style="font-size: 14px;">shoring up longer term life of Mt Gibson, and may provide grade sweetening options, and 3)with gold quarterlies kicking off next week, pre-releases from RRL and BGL saw volumes</span><span style="font-size: 14px;">&nbsp;</span><span style="font-size: 14px;">broadly in line with JPMe. Our pecking order remains unchanged. We remain positive on</span><span style="font-size: 14px;">&nbsp;</span><span style="font-size: 14px;">NEM (OW; PT $137/sh) and EVN (OW; PT $11/sh), while NST screens at fair value in our</span><span style="font-size: 14px;">&nbsp;</span><span style="font-size: 14px;">view (N; PT $23/sh). In the mid caps, we prefer CMM just ahead of GMD, and we remain</span><span style="font-size: 14px;">&nbsp;</span><span style="font-size: 14px;">positive on RMS and RRL (both OW).</span></p><p><br/></p>