FQVLF - JPMorgan's metals and mining team publishes 2022 outlook - upgrades First Quantum Hochschild to overweight

JPMorgan's EMEA metals and mining team is out with a year ahead outlook, detailing key commodity views and stock picks. The bank is bullish - after today's upgrades, the firm is overweight rated fourteen and underweight weighted three metals and mining names. In 2022 the team is bullish the sector on a rebound in China property, industrial activity and steel output; however, the excitement is tempered by a longer-term view that quotas for emissions intensive industries (steel) will reduce demand. As such, the bank joins the ranks of iron ore bears; JPMorgan sees 20mt of iron ore supply additions in 2022, paired with a 135mt demand reduction from China, leading to $92/t iron ore prices next year from $158 iron ore this year and ~$100 currently. On the bullish side, the team upgraded Hochschild (OTCQX:HCHDF) to overweight on valuation and near-term growth following the Amarillo Gold acquisition. JPMorgan also upgraded

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JPMorgan's metals and mining team publishes 2022 outlook - upgrades First Quantum, Hochschild to overweight