** Scotiabank is cautious on near-term copper demand outlook due to macro uncertainty, but U.S.-China trade war de-escalation efforts offer hope for avoiding global economic shutdown
** Brokerage sees copper market to experience modest supply deficit in near term due to low inventory levels, with significant shortage emerging in medium term due to limited supply growth
** "We forecast visible inventories to modestly decline this year and remain at relatively low levels in the years ahead, supporting a robust price environment," Scotiabank says
** Scotiabank upgrades rating on Freeport-McMoRan FCX.N to "sector outperform" from "sector perform"
Brokerage raises PT on following companies:
Company | New PT | Old PT | Upside to stock's last close |
Cameco Corp CCO.TO | C$95 | C$93 | 5.6% |
Freeport-McMoRan FCX.N | $48 | $43 | 17.2% |
Ero Copper ERO.TO | C$26 | C$24 | 22% |
First Quantum Minerals FM.TO | C$24 | C$22.50 | 14.5% |
Hudbay Minerals HBM.TO | C$15.50 | C$14 | 18.5% |
(Reporting by Pooja Menon in Bengaluru)
((Pooja.Menon@thomsonreuters.com;))