Miners are facing a difficult remainder of 2023 with weakening global growth and tightening credit conditions likely to remain headwinds in the near term.
In addition, growth in China has disappointed the second quarter and without a convincing stimulus package metals prices are set to fall in the second half of the year.
As a result, Deutsche Bank has cut forecasts again for the 2023/24 fiscal year though it says it was expecting softer growth anyway, these have been relatively minor.
The bank adds that mining equities are already discounting a shallow recession so longer term it remains structurally bullish due to underinvestment and decarbonisation-linked demand.
In particular, from 2024 the market will again be faced with structural deficits and inelastic supply.
Anglo American is the only one of the UK-listed miners covered with a hold recommendation and price target of 3,100p down from 3,200p.