Bank of America Merrill Lynch (BofAML) has adjusted the price forecast for most of the mined commodities, citing increased market uncertainty favouring precious metals over the base metals pricing outlook.
So far this year, mined commodities have rallied sharply, reinforcing analysts’ view that fundamentals had started to stabilise. Recent upside was driven by a confluence of factors, including signs that the global economy strengthened, the banking group stated in its latest ‘Global Metals Weekly’ report Thursday.
