【出版时间及名称】：2010年全球基本金属行业前景展望
        【作者】：加拿大帝国商业银行
        【文件格式】：pdf
        【页数】：45
        【目录或简介】：


2010 Base Metals Outlook
Increased Metals Price Expectations -- Equity Rally
To Continue

We have revised our commodity price expectations upward based on betterthan-
expected interest in commodity investment, stronger-than-expected
Chinese metals imports and industrial production, and initial indications of a
stronger-than-expected economic recovery ex-China.

Our relative preference for commodities remains copper first followed by
metallurgical coal and iron ore. We could become more attracted to zinc
should a stronger demand environment materialize. We continue to believe
the upside potential for aluminum and nickel prices remains limited.

We have substantially increased most price targets for our coverage
universe, with the most significant increases in copper and iron ore-exposed
names FM (+24%) and CLM (+27%). Also, as of January 6, we are
upgrading EQN to SO (from SP) and downgrading IVN to SP (from SO).

Our top picks in the large-cap sector are FM and TCK.B, with CS, TKO, ML
and FNX our preferred names in the mid- to small-cap universe.