Argonaut provides a preview for stocks under coverage for the June Q 2019. Commodities were flat with average prices for gold, copper and nickel varying only ±1% QoQ. However, gold in AUD terms has sustained a positive run late in the June Q, reaching an all-time high of A$2,024/oz. Iron ore was the best performer, increasing 15% QoQ, while uranium fell 11%. Argonaut’s preferred commodities for H2 CY19 are gold, iron ore and rare earths. Nearer term, we see pressure on nickel with sluggish stainless steel demand. Battery mineral prices, including lithium and cobalt are also expected to remain weak. Argonaut remains bullish on a uranium price recovery, but while there are some lead indicators that a recovery is in motion, we believe a significant price response will more likely occur in 2020. Changes to stock recommendations are detailed from Page 2 in the attached/linked report.
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