Into the 3Q of 2024, Morgan Stanley is forecasting metallurgical coal supply tightness and demand support from India, and downside for lithium pricing on oversupply concerns.

Iron ore prices are forecast to rebound into the 4Q and gold should experience ongoing 2H support, buoyed by central bank buying and falling real yields, explains the broker.

Copper demand continues to accelerate driven by grid spend and the case for aluminium prices is compelling as cost curves rise, explain the analysts.

The target for BHP Group eases to $46.65 from $46.75. Equal-weight. Industry view: Attractive. 

Sector: Materials.

Target price is $46.65.Current Price is $42.78. Difference: $3.87 - (brackets indicate current price is over target). If BHP meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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