Moody’s says base metal prices have bottomed, but there’s hardly any upside – and that includes the zinc price. (Image from archives)

Moody’s Investors Service has injected some fresh optimism into the global mining industry by changing its outlook for base metals to stable from negative, which basically means it believes prices for aluminum, copper, nickel and zinc have already bottomed out.

“We view prices for base metals as having likely bottomed following the sharp decline beginning late last year, and consequently we have revised our price sensitivity assumptions,” said Carol Cowan, a Moody’s senior vice president and author of the report.