Miner Grupo Mexico erodes after JPM downgrade
Shares in miner Grupo Mexico GMEXICOB.MX slide by nearly 3% after opening on a downgrade by J.P. Morgan the day before
JPM downgrades Grupo Mexico to neutral from overweight; subsidiary Southern Copper SCCO.N to underweight from neutral
"After a strong rally, we believe it is time to unplug and recharge our LatAm copper exposure, reassessing risks and opportunities before the next move," JPM analysts write
Grupo Mexico shares have surged around 30% in the past three months, with copper prices rallying above $13,000 per metric ton
JPM expects copper prices to pull back toward $12,000 per ton in coming months on softening Chinese demand, inventory builds
JPM's top metals pick in Latin America is Brazilian iron miner Vale VALE3.SA, with Chilean copper miner Antofagasta ANTO.L an alternative
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