MARKET TALK: SocGen Upgrades Antofagasta To Hold From Sell

17th Jun 2010 10:14

0914 GMT [Dow Jones] Societe Generale upgrades Antofagasta (ANTO.LN) to hold from sell on valuation grounds. Reckons the market has turned excessively gloomy on the outlook for commodities in general. Thinks base metals prices will trend higher as Chinese infrastructure spending remains very strong, and that spot prices of bulk commodities should be supportive. SocGen expects copper consumption to exceed supply this year, which is likely to push up prices. Also notes copper consumption is supported by ongoing emerging markets infrastructure projects and may also benefit from a recovery in U.S. housing construction. Keeps target price at 850p. Shares +0.2 at 879p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 17, 2010 05:14 ET (09:14 GMT)