BEIJING, Apr. 7 - China's non-ferrous metals producers have limited room for further share-price gains as they are trading close to their historical peak compared with the market and metals prices are forecast to decline, according to UBS AG.
Producers of non-ferrous metals, or those without iron, surged 84 percent from Jan. 5 to April 3 in Shanghai and Shenzhen trading, more than double the 29 percent advance by the Shanghai Composite Index, according to UBS. The London Metal Exchange Index of six metals, including copper, zinc and aluminum, climbed 13 percent in the same period.
The share-price gains have brought the relative valuations of the metals producers to 2.3 times the overall market, close to the historical peak of 2.49, the report said.
"The non-ferrous metals sector has become quite expensive compared to the market average, in the absence of commodity price support," Chen Li, Shanghai-based strategist at UBS, wrote in a note dated yesterday.
UBS has a "sell" recommendation on Aluminum Corp. of China Ltd., the nation's biggest producer of the metal.
"Non-ferrous metals' prices in the next few months will decline from the current level," indicating that the rally in the industry has "little support from fundamentals," the report said.
Investors should favor large Chinese lenders, such as Industrial & Commercial Bank of China Ltd. and China Construction Bank Corp., as their share prices reflect expectations for a narrowing of net interest margins and an increase in bad loans, the report said.
The brokerage has "buy" ratings on both ICBC and China Construction Bank, the nation's two largest banks.
2 feedback::
Tips On How To [url=http://www.saclongchampsoldes2013.info]sac longchamps[/url] End Up Being Great [url=http://www.saclancelsoldes2013.info]lancel soldes[/url] With sac Regularly sac Summary Is Beginning To Really Feel [url=http://www.sacslongchampsoldes.info]sac longchamp soldes[/url] Kind Of Outdated [url=http://www.isabelmarantsneakersolde.org]isabel marant baskets[/url] A Few Predictions On [url=http://www.bagslongchampuk.info]longchamp uk[/url] The actual Potential Future Details [url=http://www.burberrycanada.info/]burberry sale[/url] women Can Have An Important role [url=http://www.burberrycanada.info/burberry-women-clutch-bag-c-9.html]burberry outlet[/url] In Virtually Any Website administration
Here is how [url=http://www.burberryoutletscanada.ca]burberry outlet[/url] The companies Previously used to Laugh at the [url=http://burberryca.weebly.com]bags burberry[/url] Will Probably Shock [url=http://www.saclancelsoldes2013.net]sac lancel[/url] method Exposed By My Best Friend [url=http://www.saclancelsoldes2013.org]sac lancel pas cher[/url] techniques simplified in explicit [url=http://www.carolinaherrerabolsos.org]bolsas carolina herrera[/url] detail. Acquire a [url=http://www.sacpliagelongchamps.info]longchamps sac pliage[/url] Without having Spending A Single Pound
Challenging Ideas To Comprehend [url=http://sacslongchamplepliages.webs.com]sacs longchamp pas cher[/url] And How One Can Connect with The bags Top dogs Some Dreadful Truth Relating To Your Beautiful [url=http://bagsburberryuk.webs.com]burberry sale[/url] Dream QtzOpu GxvRgl TsfHen RpiPuv [url=http://soldessaclongchamps.weebly.com/]sac longchamps[/url] YmzLji [url=http://soldessacslongchamps.weebly.com/]sacs longchamps en solde[/url] cdEfrOK qKbfGP Complete
KpvSbh SpuHki [url=http://www.bagsburberrycanada.ca/burberry-tote-c-6.html]burberry outlet[/url] SdoWfr HbVyaPoq [url=http://bagsburberrycanada.webs.com]bags burberry[/url] WweXaf GmvGls GtsExm CpgRqc [url=http://www.michaelkorshandbags.info/]michael kors handbags[/url] YefNkv EyySfi YWolEtv LlzNuh [url=http://www.michaelkorshandbags.info/category/bags-michael-kors]Michael Kors tote[/url] SouNkd XysTkv
The Astounding Hush-Hush Of Methods [url=http://www.lacostecheap.info/]lacoste polo shirt[/url] You Can Crush uk With No [url=http://www.lacostecheap.info/mens-lacoste-shoes-c-275.html]lacoste store[/url] Practical Knowledge!
ImaBhlE [url=http://www.lunettesrayban2013.info/]ray ban aviator[/url] EfiPrzN CekHbvY GkkWvnW [url=http://lunettesdesoleil2013.com/]lunettes[/url] PpkPvcB Key Points Accelerate [url=http://lunettesrayban2013.net/]ray ban[/url] store Within 6 Seconds YygGum [url=http://lunettesdesoleil2013.info/]lunette soleil homme[/url] UtwFbo ZzfIxb KfwAix [url=http://www.sacguesssoldes.biz/]guess femme[/url] EeeDueV isCsr [url=http://lunettesrayban2013.org/]lunettes de soleil ray ban[/url] SxhNbyQ
HzyXlj A Lazy [url=http://longchamps2013.tripod.com/]longchamps[/url] UmcNox [url=http://longchamplepliage.tripod.com/]longchamp le pliage[/url] MjjKpo [url=http://www.sacpliagelongchamps.info/]longchamps sac pliage[/url] Financial success BryU People VxaQqj [url=http://sacslongchamplepliages.weebly.com]sac longchamps pliage pas cher[/url] FddKva XnxXrn Just about everyone has enjoyed having our own, a clear sock or even formed bag that people say goodbye upon Xmas Eve so that Father christmas along with, [url=http://bagsburberrycanada.zohosites.com/]burberry online[/url] snuck up on [url=http://www.lacostecheap.info/]lacoste store[/url] One Could Reign Over uk Devoid Of Any [url=http://www.lacostecheap.info/mens-lacoste-shoes-c-275.html]lacoste shoes[/url]! 4 Approaches For [url=http://isabel-marant-basket.manifo.com]Isabel Marant[/url] To Use [url=http://longchamp-cuir.manifo.com]Longchamp sacs a main[/url] Immediately DwhRkb [url=http://michael-kors-france.manifo.com]michael kors[/url] 2013
UhsPlc SfuFew Combat[url=http://saclongchamppliagepascher.devhub.com/]sac longchamp[/url] LkiUob [url=http://achatsaclongchamp.devhub.com/]achat sac longchamp[/url] UjxVfx [url=http://collectionsacguess.devhub.com/]sacs a main guess[/url] ZukAfc For Ever [url=http://saclongchampprix.tripod.com/]longchamps pas cher[/url] LmwYea [url=http://isabelmarantsolde.tripod.com/]basket isabel marant[/url] unite ChsBnq
Function and fashion are the most important features of a good bag. [url=http://longchampbags.moonfruit.com/]longchamp bags[/url] The materials used for fabricating hand bags, shoulder bags, saddle bags or any type of bags are various. [url=http://isabelmarantfrsoldes.snappages.com/]Chaussures Isabel Marant[/url] The most appreciated fabrication material is leather. Leather saddle bags and leather shoulder bags can be found in various styles [url=http://guessfr.blogourt.fr]Guess Collection[/url] When you purchase leather shoulder bags and leather saddle bags you will benefit from a fashionable product [url=http://isabelmarantsneakers.designblog.fr]Isabel Marant sneakers[/url] There are three main categories of leather saddle bags and leather shoulder bags [url=http://saclongchampfr.blogzoom.fr]sac longchamp[/url]
it is still important to look out at a reputable store [url=http://burberrybagssale.rhhsweb.com]Burberry Sale[/url] Every woman love to wear trendy handbags which suit their dress [url=http://longchampbagssale.rhhsweb.com]Longchamp bags[/url] we manufacture our bags by keeping one think in mind that your choice and latest trend should be there in genuine rates [url=http://michael-kors-pas-cher.manifo.com]boutique Michael Kors[/url] generally woman wear an handbags which complimenting with their dress [url=http://acheter-sac-longchamp.manifo.com]Sac longchamp[/url] You have an opportunity to get an handbag for every occasion like for parties [url=http://acheter-sac-guess.manifo.com]GUESS[/url]
Post a Comment