Morgan Stanley Dials Back Alcoa, Vale Ratings on Weakening Metals Demand
AA•Morgan Stanley moved Alcoa into its underweight category and cut Vale as part of a broader metals outlook revision, while upgrading Ivanhoe Mines to overweight. The adjustments reflect anticipated weakness in aluminium and nickel demand through year-end.
1. Morgan Stanley Revises Metals Ratings
Morgan Stanley downgraded Alcoa to underweight and cut Vale in its metals coverage. The bank cited softening aluminium and nickel demand trajectories for the remainder of the year and simultaneously upgraded Ivanhoe Mines to overweight to capture expected copper market tightness.
