Vale Supply Issues and a Dovish Fed Sees Optimism Return to the Miners and Overvaluation Grow
The meaningful fall in resources stocks saw pockets of value emerging among the global miners in November. The S&P/ASX 200 Resources index fell 15% in less than two months. But since the end of November, shares have rallied on iron ore supply concerns and the apparent easing in the U.S. Federal Reserve’s tightening bias. The resources index is back at five-year highs.We see the greatest overvaluation among the bulk producers, particularly iron ore, which is benefiting from Vale’s disruption...
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