Moderately bullish globally, most bullish in Asia. As we approach the end of the calendar year, optimism seems to outweigh pessimism globally in JPM’s Metals/Mining Credit views. In this report, we offer 2021 global credit perspectives including, top picks and pans. All of our analysts are either Neutral or Overweight their respective markets. We see collective global value in the space on the back of rising commodity prices but are most bullish in Asia with Overweight recommendations on Indian Steel and Indonesian Coal. We prefer US HG to US HY at current valuations and like copper and gold in North America vs steel and aluminum. In Europe, we are Neutral HG and HY Metals/Mining, highlighting some idiosyncratic opportunities following a normalization of spreads to pre-crisis levels. In Latin America, we are modestly Overweight on commodity price momentum, offset by tightening valuation to reflect recent macro movements. In 2021, China demand, USD volatility, Energy prices, ESG considerations and global infrastructure spending will be key indicators to monitor as we continue to evaluate the global Metals/Mining spectrum.