Business
UBS is calling time on the ASX iron ore supercycle
ASX iron ore miners are likely to extend their recent rally this morning but UBS is ringing the bell on the peak of the commodities supercycle.
Rising steel prices and positive leads from Wall Street are expected to keep the BHP Group Ltd (ASX: BHP) share price and Fortescue Metals Group Limited (ASX: FMG) share price well supported.
But these stocks may not be able to outperform the S&P/ASX 200 Index (Index:^AXJO) in 2021 with UBS downgrading the sector to “market weight” from “overweight”.
Has the commodities supercycle past its prime?
What’s more, the main focus of the across-the-board downgrade in ASX mining shares is iron ore.
“In our opinion, the macro & fundamental backdrop for industrial commodities is robust…
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