but then saw the lead paragraph:
"The period following the Great Recession of 2008/09 and post the 2015 China led recession were the best buying opportunities in mining in the past twenty years. There will clearly be significant opportunities for alpha generation coming out of this pandemic driven recession. A key supportive factor today is that China (~50% of global metals demand) is now recovering while RoW is experiencing an unprecedented demand shock. We upgrade First Quantum to Outperform (TP C$12) to reflect significant P/NAV discount and bullish NT copper view.We upgrade FCX to Neutral from Underperform but lower TP to $8 from $10."