Commodities Comment-Manganese ore: when flat looks good
类型：投资策略 机构：麦格理证券股份有限公司 研究员：麦格理证券研究所 日期：2015-06-29
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Manganese ore prices are down ~30% YTD, making it one of the worstperformingmined commodities this year. But all of the manganese price fallcame in the first four months; since then, spot prices have basically been flat,supported by a modest sequential demand improvement and a fall in Chineseport stocks.
However, we think flat is as good as it gets and see short-term price risk asbeing to the downside. We are now moving out of peak season for crude steel
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