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Today, Anglo American becomes the latest major commodities firm to issue a production update. Unfortunately, the picture from this somewhat troubled firm is not as inspiring as that presented by its cousins BHP Billiton and Rio Tinto.
Anglo American saw copper, platinum and diamond output rise, but iron ore, coal and nickel were all down. The company is still dogged by industrial action in South Africa, which – despite the output rise – has hit platinum output. Their situation does not contrast well with BHP Billiton and Rio Tinto; the former is seeing a rise in production in all its operations, while the latter has recently enjoyed record iron ore output.
Sentiment towards Anglo American among IG clients is still bearish, with clients expecting further declines in all time frames: