Global Industry Overview - Mining Full-Year Review: Key Themes For 2017 - NOV 2017

At the end-point of the year, we assess the performance of our Mining key themes for 2017, as outlined at the end of 2016 ( see 'Key Themes For Mining In 2017 ' , December 5 2016). Thus far, all themes have played out or are still in play.

Theme: Improving Prices To Herald Gradual Recovery

BMI View In December 2016: We maintain a positive view toward metal prices over a 12-month horizon. However, the broad-based H216 rally in commodity prices means that we are sceptical that spot prices will be significantly above end-2016 levels at the end of 2017. The longer-term outlook for metal prices to experience a stabilisation (rather than any significant rebound) will inform a gradual recovery in mining industry value.

Stabilisation In 2018 Following Break Higher In 2017
S&P GSCI Industrial Metals Spot Index
Source: Bloomberg, BMI

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