---
title: "BUZZ-MS sees seasonal restock to bring metals & mining back into focus"
description: "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 t"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/214681836.md"
published_at: "2024-09-19T10:56:58.000Z"
---

# 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.

As China’s steel demand indicators disappoint, Morgan Stanley says a seasonal restock would bring the metals & mining sector back into focus

Says, prospects of a meaningful demand inflection in China remain limited in the absence of more decisive stimulus, but sees a modest and seasonal pick-up in activity through year-end

Steel-making raw materials like iron ore and metallurgical coal are trading into the cost curve, limiting prospects of a sustained price decline from current levels, the broker says

Mining equities are pricing further price declines, which MS sees as unsustainable

The brokerage’s most preferred mining companies are Endeavour Mining (EDV.L) , KGHM (KGH.WA) , Metlen (MYTr.AT) , Norsk Hydro (NHY.OL) , Rio Tinto (RIO.L) (all “overweight”-rated)

MS keeps “neutral” on Aurubis (NAFG.DE) , Befesa (BFSA.DE) , First Quantum Minerals (FM.TO) , Fresnillo (FRES.L) , and Glencore (GLEN.L)

It downgrades London-listed Chilean miner Antofagasta (ANTO.L) to “underweight” from “equal weight” citing production risks, a heavy capex cycle and a stretched implied copper price

The broker’s least preferred stocks in the sector (“underweight”-rated) are Antofagasta and Boliden (BOL.ST) , the latter still challenged on operational/project setbacks and unfavourable smelting exposure

### Related Stocks

- [RIO.US - Rio Tinto](https://longbridge.com/en/quote/RIO.US.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| 库存攀升及淡水河谷产量超预期加剧供应担忧 铁矿石期货价格三连跌 | 随着中国库存持续增加以及巴西矿业巨头淡水河谷产量高于预期，市场对供应过剩的担忧加剧，铁矿石价格连续第三天下跌。周五，铁矿石期货跌 1.7%，至每吨 97.90 美元，且有望连续第五周下跌。若成真，将是自 6 月以来最长的连跌走势。数据显示， | [Link](https://longbridge.com/en/news/275858598.md) |
| 玩转 “金银铜”，“北京大空头” 横空出世 | 在白银暴跌前精准做空，短短几天浮盈 36 亿？虽然是 “代客持仓” 还是个人收益仍然是个迷，但边锡明从诸暨管材大王到外媒口中的 “北京大空头”，三年间通过大宗商品博弈狂揽数百亿，凭实业逻辑降维打击全球金融泡沫，这不仅是造富奇迹，或许更是全球 | [Link](https://longbridge.com/en/news/275085566.md) |
| 沃尔玛四季度财报超预期但盈利指引不及预期，CEO 称 “美国低收入家庭只能勉强维持生计” | 沃尔玛 Q4 营收超预期，新财年盈利指引（每股 2.75-2.85 美元）远低于市场预期的 2.96 美元，显示通胀压力下消费者支出不确定性犹存，拖累股价下跌 1.38%。财报印证 K 型” 分化：高收入家庭驱动增长，低收入群体 “钱包吃紧 | [Link](https://longbridge.com/en/news/276398633.md) |
| 学习英伟达刺激芯片销售，AMD 为 “AI 云” 借款做担保 | AMD 为扩大市场份额祭出金融 “狠招”！为初创公司 Crusoe 的 3 亿美元购芯贷款提供担保，承诺在其无客户时 “兜底” 租用芯片。这一复刻英伟达 “租卡云” 路径的策略虽能短期推高销量，但也令 AMD 在 AI 需求放缓时面临更大的 | [Link](https://longbridge.com/en/news/276401504.md) |
| 最高法裁决后特朗普动用替补选择：加征 10% 全球关税 | 美国总统特朗普在最高法院裁决后宣布将加征 10% 的全球关税，以补救被推翻的关税措施。根据《1974 年贸易法》第 122 条款，现有的关税将全面生效。最高法院裁定特朗普政府的部分关税措施缺乏法律授权。市场风险提示，投资需谨慎。 | [Link](https://longbridge.com/en/news/276477629.md) |

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
