BUZZ-MS sees seasonal restock to bring metals & mining back into focus

Morgan Stanley highlights a seasonal restock that may refocus attention on the metals and mining sector, despite disappointing steel demand in China. The firm anticipates a modest uptick in activity through year-end but notes limited demand inflection without significant stimulus. Key mining stocks like Endeavour Mining and Rio Tinto are rated "overweight," while Antofagasta is downgraded to "underweight" due to production risks and high capital expenditures. Overall, the brokerage maintains a cautious outlook on the sector amid pricing challenges.