UBS just downgraded these outperforming ASX mining stocks

ASX mining stocks may be surging ahead, but UBS thinks some have run ahead of fundamentals and have downgraded the stocks.

The S&P/ASX 200 Index (Index:^AXJO) dipped 0.4% during lunch time trade although ASX miners are bucking the trend as another surge in the iron ore price boosted the sector.

The Fortescue Metals Group Limited (ASX: FMG) jumped 2.1% to a new record high of $22.98. The BHP Group Ltd (ASX: BHP) share price and Rio Tinto Limited (ASX: RIO) share price aren’t far behind with gains of over 1% each.

There’re reasons to think that ASX iron ore miners can build on gains as the iron ore market is likely to stay tight through 2021.

Downgraded after big run

But the same can’t be said for some base metal miners after…