Summary: Copper, palladium and metallurgical coal preferred in 2013

Taking into account anticipated producer margins and industry structure, as well as outright price upside/downside, our most preferred mining commodities are copper, palladium, and metallurgical coal, and least preferred are aluminium, nickel and zircon, on a 12-mo horizon (N.B. we have not changed any of our 3-, 6- or 12-mo commodity forecasts). Over the medium to long term we are most bullish on the prospects for palladium and metallurgical coal (especially premium hard coking coal).


Excerpt from: GS Mining Commodity Forecasts for 2013, and Beyond, Jan. 16, 2013