Bullish Outlook for Precious and Base Metals

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Physical tightness of supply for many commodities is expected to persist into the next decade, keeping prices well above normal for the long term, according to Macquarie Capital Securities analysis.

Macquarie Capital Securities said their short-term outlook is bullish for bulks, minor and precious metals with base metals providing to be tighter than expected due to further supply disruption.

Analysts Jim Lennon, Adam Rowley and Max Layton said their favored commodities during the short term are thermal and coking coal, iron ore, platinum, gold, cobalt, manganese, chrome and aluminum.

Physical tightness of supply for many commodities is expected to persist into the next decade, keeping prices well above normal for the long term, according to Macquarie's analysis. Meanwhile, rising cash and capex costs are driving high long term expectations.

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