In what has been a tough start to the year for most miners, coal has shone, Jefferies said.
“The coal equities came flying out of the gates in what was just a continuation of the very strong performance of 2H23,” Jefferies said, adding that coal’s clear outperformance might not last.
“We believe the macro backdrop should be supportive of prices of other commodities as well in the near-term, especially if the U.S. economy avoids rolling over into a recession.”