MP - Miners show sharp losses as prices plunge Barclays downgrades sector

Shares of industrial metal miners are tumbling as prices fall for most metals and Barclays downgrades the sector to Neutral from Positive, with miner margins now near record highs and stocks trading at relatively elevated price-to-NAV multiples."Although commodity prices remain elevated vs. history, in the second phase of this bull market we expect pressure on the cost side from the move in oil, currencies and inputs, continued challenges from host countries on taxes, and gradual pressure on miner valuations," Barclays analysts led by Matthew Murphy write.Freeport McMoRan (FCX) -4.9% pre-market after Barclays cuts the stock to Underweight from Equal Weight, expecting a "fading growth profile and 2023 drop in Grasberg ownership as well as impending Indonesia smelter capex to weigh on the shares even as dividends likely pick up."Southern Copper (SCCO) -2.5%, although Barclays upgrades shares to Equal Weight from Underweight on valuation.Industrial metals prices led by aluminum, copper and

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Miners show sharp losses as prices plunge, Barclays downgrades sector