Table of Contents
Much higher metals prices ............................................................... 3
Significant upgrade to metal prices, both near and long term ..................................................3
Gold: timing the turn .................................................................................................................4
Aluminium: a possible outperformer in early 2010 ...................................................................9
Copper: support near term, then weakness ...........................................................................12
Earnings, target price and rating changes..................................... 15
Significant earnings estimates lift ...........................................................................................15
Earnings sensitivities to changes in ASPs...............................................................................16
Target price lift/ratings upgrade ..............................................................................................17
Company Section ............................................................................ 19
Zijin Group. ...................................................................................... 20
Chalco............................................................................................... 28
Jiangxi Copper................................................................................. 34
China Molybdenum ......................................................................... 40