【出版时间及名称】：2010年3月全球有色金属行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：PPT
        【页数】：65
        【目录或简介】：
Global Metals Playbook – 2Q10 Navigating liquidity withdrawal, policy tightening and a stronger US dollar
Research
Global
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Cyclical growth trends are still supportive for commodities as unprecedented fiscal and monetary easing in 2009 is generating a two speed growth environment in 2010 led by emerging markets, especially in Asia and Latin America.
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We see policy initiatives to scale back liquidity or confront inflation either as welcome signs of policy normalisation or prudent actions designed to sustain growth and economic development
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Base metals outlook: We expect continued differentiation in relative performance in base metals in 2010, with more robust fundamentals in copper and nickel expected to deliver strong YoY price gains relative to aluminium and zinc.
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Precious metals outlook: A strengthening US dollar is a significant headwind for gold and silver investment demand, but a recovery in global automotive production is a strong positive for the platinum group metals.
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Bulk commodity outlook: A move to more frequent pricing mechanisms for steel-making raw materials is driving a sharp uplift in prices of iron ore and metallurgical coal, with upside risks to consensus expectations on 2010 average price outcomes

Table of contents
Executive Summary 4
Key Changes 6
Top Picks 7
Economic and Commodities Outlook 8
Base Metals
Aluminum & Alumina 18
Copper 21
Nickel 24
Zinc 26
Precious Metals
Gold 29
Silver 32
Platinum 34
Bulk Commodities
Steel 38
Met Coal 42
Iron Ore 45
Thermal Coal 48
Top Equity Ideas
Vedanta 52 Ephrem Ravi
PanAust 53 Craig Campbell
Western Areas 54 Cameron Judd
Evraz 55 Dmitriy Kolomystyn
Xstrata 56 Ephrem Ravi
Implats 57 Albert Minassian
Tata Steel 58 Vipul Prasad
Vale 59