Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
“We expect our base metals and uranium coverage to report mixed results compared to Q2/24, as we expect stronger operational results to be offset by lower commodity prices. After three quarters we expect that our coverage universe will mostly achieve full-year guidance ranges. Average copper prices decreased 5% quarter-over-quarter to $4.18/lb in Q3/24 , but have since rebounded to $4.
This reflects a number of factors, not least concerns that fiscal policy in both the US and elsewhere may not be sustainable. Indeed, the Committee for a Responsible Federal Budget notes that the national debt is projected to reach a new record high as a share of the economy only three years from now, well within the next presidential term, pushing up interest rate payments as a share of GDP. In turn, this makes gold an attractive asset, so we reaffirm our $3,000/oz target.
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