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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: blazenzim who wrote (36549)	7/3/2008 10:14:19 AM
From: elmatador	Respond to of 217576

Mining Slump Is `Excellent' Opportunity, Credit Suisse Says By Brett Foley July 3 (Bloomberg) -- Investors should buy mining stocks after the biggest drop in more than a year because copper and other commodities continue to advance, said Credit Suisse Group, Switzerland's second-biggest bank. The FTSE 350 Mining Index, which tracks 13 companies including BHP Billiton Ltd., and Rio Tinto Group, has declined 13 percent since the close on June 30, the biggest three-day drop since May 2007. ``We think this three-day sell-off is an excellent buying opportunity because fundamentals remain very strong despite growing macro concerns,'' London-based Credit Suisse analyst Jeremy Gray wrote today in a report. Rio said July 1 it agreed to record iron ore prices with Chinese steelmakers while coking-coal prices have also surged. Copper on the London Metal Exchange rose to a record $8,940 a metric ton yesterday on speculation that a strike by Peruvian mine workers will disrupt supply. Gray said in April copper may advance to $12,000 a ton. Investors will become ``increasingly selective'' and focus on commodities with the best outlook, including copper, coal, iron ore, aluminum and manganese, Gray wrote. Mining companies' first-half earnings may be ``mixed'' because of higher costs, he said. His top pick is London-based Anglo American Plc. To contact the reporter on this story: Brett Foley in London at bfoley8@bloomberg.net